LVMH says to buy stake in Hermes for 1.45 billion euros - Fashion

PARIS (Reuters) - French luxury goods group LVMH (LVMH.PA) said on Saturday it was buying a minority stake worth 1.45 billion euros ($2 billion) in family-controlled handbag maker Hermes (HRMS.PA) but would not seek to take over the group nor influence its strategy.
The move will see LVMH, which owns champagne brand Moet Hennessy and Louis Vuitton, eventually hold a 17.1 percent stake in Hermes, which is known for its high-end leather handbags and silk scarves.
"The objective of LVMH is to be a long-term shareholder of Hermes and to contribute to the preservation of the family and French attributes, which are at the heart of the global success of this iconic brand," LVMH said in a statement on Saturday.
LVMH said it had bought 15,016,000 shares of Hermes, or a 14.2 percent stake. Once it converts certain derivative instruments of Hermes shares, LVMH said it would hold a total of 18,017,246 shares, or a 17.1 percent stake.
Hermes was not immediately available to comment.
LVMH has chosen to invest at a time when Hermes shares are at record highs after a 65 percent rally since July.
The company has long been the subject of market speculation over whether some family members would sell their shares, altering the capital structure of the group or even making it a takeover target.
Management have reiterated the founding family's devotion to Hermes, in which they own a 70 percent stake.
It was not immediately clear whether LVMH bought its shares on the open market or from family members.
"LVMH fully supports the strategy implemented by the founding family and the management team... LVMH has no intention of launching a tender offer, taking control of Hermes, nor seeking board representation," LVMH added in the statement.
Hermes is widely regarded as one of few luxury companies that has continued to grow throughout the consumer spending slump, and it is has also been one of the top beneficiaries of upturn in demand as the economy recovers.
LVMH, the world's biggest luxury group, also sounded an upbeat note in its third quarter results about the economic recovery boosting consumer demand.
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Wynn Resorts files to sell more shares - Casino

NEW YORK Oct 22 (Reuters) - Casino operator Wynn Resorts
Ltd (WYNN.O) filed with U.S. regulators to sell additional
shares, capitalizing on a stock price that has more than
doubled in just under a year.
Wynn, which operates casinos in Las Vegas and Macau, filed
a shelf registration and prospectus with the U.S. Securities
and Exchange Commission on Friday, allowing it to sell an
undisclosed number of shares at its discretion in one or more
offerings.
Shares in Wynn, which was founded by billionaire Steve
Wynn, closed at $104.42 on Friday, more than double their price
on Nov. 2, 2009, when they hit $51.73.
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INTERVIEW-Olympics-We learned our lessons, says French bid boss - Board Games

PARIS Oct 5 (Reuters) - France intend to get their strategy
right in Annecy's bid for the 2018 Winter Olympics after failing
twice to secure the summer Games, the chief executive of Annecy
2018 Edgar Grospiron told Reuters in an interview.
Paris, the favourites for the 2012 Games, lost out to London
after failing in their bid for the 2008 Olympics which went to
Beijing.
Grospiron, 41, a popular figure in France since winning a
moguls gold medal at the 1992 Albertville Games, said the
lessons of the unsuccessful Paris bid had been taken on board.
London edged the French capital after benefiting from Prime
Minister Tony Blair's behind-the-scenes work and the leadership
of bid head Seb Coe.
The Paris bid was led by mayor Bertrand Delanoe, not a
figure with a reputation in the sports world, and the Annecy
submission will be backed instead by prominent French sports
personalities.
"The lessons from Paris have been learned and our strategy
is different," Grospiron said.
"We need a lot of people supporting us. It means we have to
work closely with Jean-Claude Killy and Guy Drut but also with
all the influential people at the international level."
Killy, a triple alpine ski champion at the 1968 Grenoble
Winter Games, and Drut. the 1976 Montreal Games high hurdles
champion, are both members of the International Olympic
Committee (IOC).
Marie-Jose Perec, who won three Olympic titles including the
200-400 double at the 1996 Atlanta Games, is also supporting the
bid.
Grospiron said Annecy would need the backing of politicians
plus International Rugby Board president Bernard Lapasset and
UEFA president Michel Platini.
Annecy, who were asked by the IOC to change their original
plan to build 10 venues, are in a three-way battle with Munich
and Pyeongchang in the vote on July 6 next year.
"We know that we have not won anything yet but morale is
going up," Grospiron said. "Clearly, we almost caught up and
Annecy's situation is more comfortable than a few months ago."
Perec told Reuters she would play an active role in the bid.
"I could not imagine myself not supporting a French bid,"
she told Reuters. "I will go to the international bodies to show
them that everything has been done in Annecy to host the Games."
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