LVMH v. Gucci
This article was originally published in The Rose Sheet
Executive Summary
LVMH filing appeal in Dutch Supreme Court following the rejection of the company's case against Gucci by Amsterdam court of appeals May 27 ("The Rose Sheet" May 31, In Brief). The suit argues the court's decision to not approve an investigation into Gucci's acquisition of Pinault-Printemps-Reddoute was made in "error." LVMH also is seeking nullification of a number of management decisions by Gucci in Amsterdam district court, including an option for PPR to nominate four of nine Gucci supervisory board members; the creation of a five-member strategic and financial committee with three PPR members; and an option for PPR to acquire 10% of Gucci's fully diluted shares. Gucci deemed the appeal "inappropriate and vexatious"
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LVMH v. Gucci
Fashion house Gucci and parent Pinault-Printemps-Redoute will appeal to Dutch Supreme Court following March 8 ruling of Enterprise Chamber of the Amsterdam Court of Appeals in favor of LVMH, firm announces March 29. Amsterdam appellate court ordered full investigation into Gucci's partnership with PPR before reaching a final decision on the transaction. LVMH, which is requesting PPR either launch a full bid for Gucci or cancel deal, says Gucci's decision to appeal demonstrates company's "desperation in the face of mismanagement." Investigation expected to last six months. Move is latest in appeals battle after Amsterdam court rejected LVMH's case against Gucci May 27, 1999 (1"The Rose Sheet" June 14, 1999, In Brief). LVMH alleged PPR acquired 42% of Gucci without shareholder approval, a contention PPR and Gucci contest. LVMH is major Gucci shareholder, owning approximately 34% of capital
LVMH v. Gucci
Fashion house Gucci and parent Pinault-Printemps-Redoute will appeal to Dutch Supreme Court following March 8 ruling of Enterprise Chamber of the Amsterdam Court of Appeals in favor of LVMH, firm announces March 29. Amsterdam appellate court ordered full investigation into Gucci's partnership with PPR before reaching a final decision on the transaction. LVMH, which is requesting PPR either launch a full bid for Gucci or cancel deal, says Gucci's decision to appeal demonstrates company's "desperation in the face of mismanagement." Investigation expected to last six months. Move is latest in appeals battle after Amsterdam court rejected LVMH's case against Gucci May 27, 1999 (1"The Rose Sheet" June 14, 1999, In Brief). LVMH alleged PPR acquired 42% of Gucci without shareholder approval, a contention PPR and Gucci contest. LVMH is major Gucci shareholder, owning approximately 34% of capital
LVMH v. Gucci
Dutch Supreme Court refers LVMH case against Gucci and Pinault Printemps Redoute back to Enterprise Chamber of the Amsterdam Court of Appeals in Sept. 27 ruling. LVMH sought an appeal in Dutch Supreme Court following Amsterdam court's May 27, 1999 rejection of its case against Gucci's merger with the luxury goods competitor (1"The Rose Sheet" June 14, 1999, In Brief). In its filing, LVMH alleges PPR acquired 42% of Gucci without shareholder approval, a contention PPR and Gucci contest. LVMH is a major Gucci shareholder, owning approximately 34% of capital. LVMH plans to refile its case with the Enterprise Chamber for a "full investigation of Gucci's mismanagement" and other "appropriate measures"