Archived posting to the Leica Users Group, 2000/11/20

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Subject: [Leica] Leica AG, Hermes handbags!!
From: stefan smith <stefan_asmith@yahoo.com>
Date: Mon, 20 Nov 2000 01:36:46 -0800 (PST)

I'm new to the lUG, but have been reading it
extensively for a while. Thought I'd make first
contribution with this interesting story my agency
(I'm a journalist) put out this morning. Maybe Hermes
will start making handbags, or Leica will produce
luxury fashion accessories :-)


Germany-France-luxury
   French luxury group Hermes plans bid for stake in
Leica Camera

   SOLMS, Germany, Nov 20 (AFP) - Hermes International
SCA, the French maker of luxury goods, plans to launch
a bid to buy 30 percent of Leica Camera, the German
camera maker said on Monday.
   Hermes plans to offer 12.50 euros per share or a
total 17 million euros (14.6 million dollars) for the
stake in a friendly bid, Leica Camera said in a
statement.
   A deal would strengthen a "entrepreneurial
partnership" that the two companies plan to enter,
said Leica Camera chairman Hanns-Peter Cohn and Hermes
president Jean-Louis Dumas.
   The offer prices represents a premium of 30 percent
over the average price of Leica Camera shares during
the past three months.
   The German group said that it regarded the price as
"attractive" and a "fair valuation" and recommended
shareholders to accept the offer. 
   The offer runs from November 22 to December 20. 
   At the same time, Leica Camera published its
earnings for the six months to September.
   The group's net loss widened to 3.43 million euros
in the period from April to September, compared with a
loss of 2.36 million euros a year earlier as a results
of one-off factors and the weakness of the euro, the
company said.
   Sales grew by 15.7 percent to 72.35 million euros.
   Measures to boost profitability plus strong
second-half sales growth would ensure that Leica
Camera would still post a profit for the full year,
even if earnings growth would not be as strong as
originally expected, it said.
   spm/hd

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Replies: Reply from Lucien <director@ubi.edu> (Re: [Leica] Leica AG, Hermes handbags!!)
Reply from Lucien <director@ubi.edu> (Re: [Leica] Leica AG, Hermes handbags!!)