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In Brief: LVMH/DFS

This article was originally published in The Rose Sheet

Executive Summary

LVMH/DFS: Luxury products group to purchase 58.8% of the duty free company DFS for $2.47 bil. The acquisition "strengthens LVMH's presence in the Asia Pacific region and in emerging markets," according to LVMH, although the firm has no specific strategy to grow the business at this time. The acquisition, announced Oct. 29, was stalled when DFS minority share-holding partners Robert Miller and Anthony Pilaro filed a request for a preliminary injunction. The two partners claimed that the LVMH deal breaches DFS' original partnership contract, which "prohibits a shareholder from holding an ownership interest in a major supplier without the consent of all shareholders." Discussions regarding the deal were resumed following an arbitrator's decision, which ruled in favor of LVMH's purchase, provided that LVMH sign an agreement that "ensures the long-term autonomy of DFS and its management, addresses potential concerns for DFS suppliers who are competitors of LVMH and protects the rights of DFS' minority owners," DFS said...



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