全球第一大奢侈品公司路易威登(LVMH)已购得爱马仕(Hermès International) 14.2%的股份，从而占据了先机——假如掌控爱马仕的家族有意出售，路易威登将最有希望控制这个被普遍认为全世界最值得拥有的奢侈品牌。爱马仕以丝巾和Birkin及Kelly包闻名。
拥有Dom Pérignon香槟、路易威登包和豪雅表(Tag Heuer )等品牌的路易威登，打算通过转换衍生工具，将在爱马仕的持股增加到17.1%。路易威登需为这些股份支付14.5亿欧元。
由于使用了衍生工具，路易威登获得上述股份所支付的价格不到市场价格的一半，巩固了其作为全球领先奢侈品集团的声誉，赢得业内专家的称赞。以14.5亿欧元获得17.1%的股份，相当于每股80.50欧元，而爱马仕股票上周五收盘价为每股176.20欧元。
法国首富、路易威登董事长兼首席执行官伯纳德•阿尔诺(Bernault Arnault)早就觊觎爱马仕。爱马仕作为奢侈品行业估值最昂贵的品牌，被人们视为终极收购目标。
虽然人们猜测一向热衷收购的路易威登意图获得爱马仕的多数股权，但路易威登却坚称，“无意对爱马仕发出收购要约或者控制该公司”。
阿尔诺不会要求获得由迪马(Dumas)家族控制的爱马仕董事会席位，路易威登表示，其目标是成为爱马仕的一名长期股东。
不过，路易威登能够如此迅速地获得爱马仕这么多股份，引发了人们对迪马家族凝聚力的疑问。迪马家族一共有40多个人控制着爱马仕72%的股权。
译者/杨远
http://www.ftchinese.com/story/001035169
LVMH, the world’s biggest luxury goods company by sales, has snapped up 14.2 per cent of Hermès International, famed for silk scarves and Birkin and Kelly bags, putting it in pole position to take control of what is widely considered the world’s most desirable luxury brand should the family owners wish to sell.
LVMH, which owns Dom Pérignon champagne, Louis Vuitton bags and Tag Heuer watches, intends to raise its stake in Hermès to 17.1 per cent through the conversion of derivatives, at a cost of €1.45bn ($2bn).
Industry experts praised the move, in which LVMH paid less than half the market price for the shares due to the use of derivatives, cementing its reputation as the world’s leading luxury goods group. The €1.45bn cost of the 17.1 per cent stake equates to €80.50 a share, whereas Hermès shares closed at €176.20 on Friday.
Bernault Arnault, France’s richest man and LVMH chairman and chief executive, has long cast a covetous eye on Hermès, seen as the ultimate bid target, a status reflected in its valuation as the most expensive in the luxury goods sector.
Amid expectations LVMH, which has a history of aggressive acquisition-making, wanted a majority stake in Hermès, the company insisted it had “no intention of launching a tender offer or taking control” of Hermès.
Mr Arnault will not demand a seat on the board of the Dumas family-controlled company, and LVMH said its aim was to be a long-term shareholder of Hermès.
However, the size and rapidity with which LVMH has acquired its stake raises questions over the cohesion of the Dumas family, some 40-50 members of which control 72 per cent of the shares.
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