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Réflexion sur les problématiques contradictoires de gouvernance autour de la bataille boursière entre LVMH et Hermès (2010-2014)

Author

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  • Quôc Thai Huynh

    (CEREGE [Poitiers, La Rochelle] - Centre de recherche en gestion [EA 1722] - IAE Poitiers - Institut d'Administration des Entreprises (IAE) - Poitiers - UP - Université de Poitiers = University of Poitiers - UP - Université de Poitiers = University of Poitiers - ULR - La Rochelle Université)

Abstract

Entre 2010 et 2014, les deux sociétés du luxe LVMH et Hermès se sont affrontés sur le marché boursier français. LVMH avec une prise de contrôle astucieuse par le biais d'equity swaps a su contourner les obstacles juridiques anti-OPA du statut de commandite par action de sa proie Hermès. Au-delà des questions soulevées par l'opacité des produits dérivés utilisés par LVMH, nous proposons une interprétation théorique de cette affaire au travers d'une approche chronologique des extraits de la presse financière de l'époque. Deux thèmes de la protection des actionnaires s'affrontent ici : la transparence des instruments financiers et les mesures anti-OPA. Nous discutons des enjeux en matière de gouvernance soulevés par les stratégies des deux protagonistes sous l'angle des principes de Calabresi et Melamed (1972) qui permet d'avoir une approche juridico-économique des droits transférables que représentent les actions.

Suggested Citation

  • Quôc Thai Huynh, 2020. "Réflexion sur les problématiques contradictoires de gouvernance autour de la bataille boursière entre LVMH et Hermès (2010-2014)," Working Papers hal-02523075, HAL.
    • Handle: RePEc:hal:wpaper:hal-02523075
    Note: View the original document on HAL open archive server: https://hal.science/hal-02523075
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    References listed on IDEAS

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