LVMH與愛馬仕停止傾軋 握手言和

The bitter feud that has pitted two of France’s most storied luxury names against each other for years has finally come to end.

法國兩大著名奢侈公司之間持續多年的爭端終於結束。

LVMH Moet Hennessy Louis Vuitton, the world’s largest luxury conglomerate with brands ranging from jeweler Bulgari to handbag maker Fendi, agreed on Wednesday to give up most of the controversial 23% stake in Hermès it had quietly built up since 2007 and not buy any new shares in its smaller rival for five years.

世界上最大的奢侈品集團路威酩軒（LVMH）旗下擁有衆多知名品牌，包括寶格麗（Bulgari）珠寶和芬迪（Fendi）手袋等。自2007年以來，LVMH祕密收購了競爭對手愛馬仕（Hermès）23%的股份，此舉備受爭議。從規模上來說LVMH略佔上風。本週三，它同意放棄所持的大部分愛馬仕股份，並於未來5年內不再收購。

The deal, proposed by the Commercial Court of Paris and agreed to late Tuesday by both luxe groups, all but eliminates the prospect of a takeover of the 177 year-old Hermès, famed for its $10,000 Birkin handbags, and one of the few remaining stand-alone French luxury companies.

該協議由巴黎商業法庭（Commercial Court of Paris）提出，兩家奢侈品集團於週二晚些時候達成同意，基本上中止了LVMH收購愛馬仕的可能性。愛馬仕是如今爲數不多的幾家法國獨立奢侈品公司之一，它擁有177年的歷史，以上萬美元的柏金包（Birkin）而聞名。

Under terms of the agreement, LVMH, controlled by French billionaire Bernard Arnault, will distribute all of its of Hermès shares to its shareholders, while LVMH’s largest shareholder, Christian Dior, will in turn distribute the Hermès shares to its own shareholders. Groupe Arnault, the businessman’s family holding company and a major LVMH investor, will still hold around 8.5% of Hermès shares.

根據協議條款，由法國億萬富翁伯納德o阿諾特控制的LVMH將向其股東分派所持的愛馬仕股份，而LVMH集團最大的股東迪奧（Christian Dior），將轉手把這些愛馬仕股份分派給自己的股東。伯納德o阿諾特的家族控股公司阿爾諾集團（Groupe Arnault）也是LVMH的主要投資者，該集團仍將持有約8.5%的愛馬仕股份。

In a statement, the companies’ executives expressed “their satisfaction that relations between the two groups, representatives of France’s savoir-faire, have now been restored.”

兩大集團的高管在一份公告中表示，對這兩家極具代表性的法國公司之間的關係得以恢復感到很滿意。

The deal ends years of legal wrangling between the two. In 2010, LVMH shocked Hermès, and its controlling family, when it disclosed it had built up a 17% in its smaller rival by means of equity swaps rather than buying shares outright, allowing LVMH to do so in stealth mode. LVMH, an acquisitive company which has bought up some 60 brands in the last 20 years, had long maintained it came in peace and had not intention of taking over Hermès, a claim that was met with skepticism by Hermès patriarch Bertrand Puech, furious at having the company’s arch-rival be it top outside investor.

該協議結束了兩者之間持續多年的法律糾紛。2010年，LVMH披露其通過股權互換而非直接購買股票的方式積累了愛馬仕17%的股份（股權互換可以使LVMH以隱蔽的方式積累股權），此消息一出，愛馬仕及其控股家族非常震驚。LVMH歷來喜歡收購，在過去20年中已經收購了60個品牌，LVMH稱其抱着友好態度，並無全盤收購愛馬仕的意圖。而愛馬仕的東主伯特蘭o皮尤徹對這種說法持懷疑態度，公司的主要競爭對手居然成爲其最大的外部投資者，這讓他非常惱火。

Last year, the French stock market regulator, Autorité des marchés financiers, fined LVMH for failing to properly disclose it was buying a stake in Hermès.

去年，法國證券監管機構金融市場管理局（AMF）對LVMH處以罰款，原因是未能恰當披露收購愛馬仕股份的情況。

LVMH stands to make a capital gain of around 3 billion euros on its Hermès holdings, Bloomberg reported, citing an unnamed source. The distribution of Hermes shares will be completed by Dec. 20, 2014, the companies said.

據彭博資訊（Bloomberg）援引未具名消息人士的話報道，LVMH在愛馬仕中的股份將爲其帶來約30億歐元的資本收益。這兩家公司表示，愛馬仕股份的分派將於2014年12月20日之前完成。