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French luxury goods maker, Hermes International, wants French rival LVMH Moet Hennessy Louis Vuitton to cut it stake in Hermes.

    French luxury goods maker,Hermes International, wants French rivalLVMH Moet Hennessy Louis Vuitton(LVMH) to cut it stake in Hermes,Bloombergreports. Paris-based Hermes wants LVMH to free up shares on the open market.

    Paris-based LVMH presently owns around 20.2% of the Hermes shares, while the Hermes family controls 70% of the company’s stock. LVMH disclosed a 14.2% stake in HermesinOctober last year and has since increased it to the current share.

    Click here for the story fromBloomberg.

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