The Moat Anatomy · Moat & Competition
Hermès Beat LVMH by Making the Math Impossible. The Aggressor Still Walked Away €2.8 Billion Richer.
The story says family loyalty saved Hermès from a hostile takeover. The truth is colder: a holding structure locked up 50.2% of shares so no bid could ever clear — yet LVMH exited with a €2.81 billion after-tax gain. Independence was preserved. The raider was rewarded.
8 min