French luxury goods maker LVMH Moet Hennessy Louis Vuitton SA (LVMHF.PK,LVMUY.PK) does not plan to make a bid for its smaller rival Hermes International SA (HESAY.PK), reports said on Thursday citing a spokesman of LVMH.
LVMH holds a 20.2 percent stake in Paris-based Hermes, which specializes in leather, ready-to-wear, lifestyle accessories, perfumery, and luxury goods. It makes coveted Kelly and Birkin bags and iconic colorful scarves.
LVMH owns some 50 luxury brands that include Louis Vuitton, Moët et Chandon and TAG Heuer.
As per reports, UK newspaper Daily Mail said on Wednesday that LVMH was preparing an all-cash bid of 350 euros per share for Hermes.
On May 30, LVMH had denied allegations that it was planning to destabilize Hermes, and said it wished to remain as a long-term shareholder of Hermes.
LVMHF.PK closed Thursday's trading at $168.30 while LVMUY.PK ended at $33.92.
HESAY.PK ended trading at $27.70 on Thursday.
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