愛馬仕與LVMH股權爭端終和解

PARIS — It has been nearly four years since the fashion mogul Bernard Arnault shocked the French business world and added billions to his fortune by stealthily obtaining a large stake in Hermès, the jewel of the luxury world.

巴黎——近四年前，時尚業大亨貝爾納·阿爾諾(Bernard Arnault)因爲祕密購入奢侈品行業的明珠愛馬仕(Hermès)的大量股份而震驚了法國商界，同時也讓自己的財富增加了數十億。

Mr. Arnault, France's richest man, ultimately built his stake to nearly one-quarter of Hermès's shares. And in so doing, he set off an acrimonious public battle in which the family that controls Hermès tried to force him to sell his shares.

最終，身爲法國首富的阿爾諾讓自己持有的愛馬仕股份增加到了近四分之一。他的這一做法引發了一場激烈的公開交鋒。在交鋒中，控制着愛馬仕的家族嘗試強迫阿爾諾賣掉自己持有的股份。

On Wednesday, both sides claimed victory.

週三，雙方皆稱自己取得了勝利。

Mr. Arnault and Axel Dumas, the Hermès chief executive and a descendant of the founder, said in a joint statement that they had accepted a plan proposed by a Paris commercial court “to bring to an end the conflicts between the two groups and restore a climate of positive relations between them."

阿爾諾和創始人的後人、愛馬仕首席執行官阿克塞爾·杜馬(Axel Dumas)在一份聯合聲明中表示，雙方接受了巴黎一家商業法庭提出的一個方案，“以結束兩大集團之間的衝突，恢復雙方關係良好的氛圍”。

Under the deal, LVMH Mo?t Hennessy Louis Vuitton, the luxury giant controlled by Mr. Arnault, will spin off its entire Hermès stake to LVMH shareholders. That ends the threat that the French mogul could walk away with the venerable company, although it leaves Mr. Arnault with a residual stake of 8.5 percent. The terms restrict his ability to buy additional Hermès shares for at least five years.

根據相關協議，處於阿爾諾控制下的奢侈品巨頭LVMH酩悅·軒尼詩-路易·威登集團(LVMH Mo?t Hennessy Louis Vuitton)將把持有的全部愛馬仕股份轉讓給LVMH集團的股東。這就消除了阿爾諾會奪走這家古老公司的威脅，但協議依然允許阿爾諾保留8.5%的股份。相關條款還規定，阿爾諾至少五年之內不能再買進愛馬仕的股份。

"Mr. Arnault understood that it had gotten too complicated to go any further," said Virginie Blin, an analyst at AlphaValue in Paris. "It's a smart move for him to end the war."

“阿爾諾明白，事情變得太複雜了，不能再繼續下去了，”巴黎AlphaValue的分析師維爾日妮·布蘭(Virginie Blin)說。“對他來說，結束這場戰爭是明智之舉。”

Shares of Hermès, a company known for its handcrafted Birkin handbags and colorful scarves, fell 3.4 percent in Paris trading on Wednesday, as the announcement ended speculation of a takeover battle and led to expectations that much of the stake held by LVMH would soon be dumped onto the market.

愛馬仕公司以手工製作的鉑金(Birkin)包和五彩繽紛的圍巾而聞名。週三，隨着聲明結束了有關收購戰的猜測，並導致外界預計LVMH很快便會向市場拋售其持有的大量股份，愛馬仕在巴黎的交易價下跌3.4%。

Shares of LVMH, the owner of luxury brands including Givenchy haute couture clothing, Mo?t & Chandon Champagne and TAG Heuer watches, closed up 2.9 percent.

旗下擁有紀梵希(Givenchy)高級女裝、酩悅香檳(Mo?t & Chandon Champagne)和泰格豪雅(TAG Heuer)手錶等奢侈品牌的LVMH收盤價上漲2.9%。

LVMH says that it reaped a capital gain of 3.8 billion euros (about $5 billion) on its investment in Hermès. Mr. Arnault's 8.5 percent stake is currently worth about