LVMH and Ruffini set stake limit
LVMH and Ruffini Partecipazioni Holding have entered into a shareholders' agreement that limits both companies from increasing their combined stake in Moncler beyond 20% over the next three years, Reuters reports.
This agreement follows LVMH's recent acquisition of a 10% stake in Double R, an investment vehicle controlled by Ruffini Partecipazioni, which currently holds a 15.8% stake in Moncler.
The newly established pact stipulates that if Ruffini Partecipazioni Holding chooses to sell its interest in Double R, LVMH will have the right of first refusal for the potential purchase, and vice versa. Italian broker Equita commented in its daily report that the shareholder agreements affirm the Moncler board's independence.
The shareholders' agreement is subject to renewal after the initial three-year term.
