LVMH, DIOR, PPR ARRANGING SHARE BUYBACK
PARIS — Numerous French corporations are planning share buybacks including LVMH Moet Hennessy Louis Vuitton, Christian Dior and Pinault-Printemps-Redoute.
At their respective annual shareholders’ meetings on May 17, LVMH will ask its shareholders to approve a buyback program for up to 10 percent of its shares outstanding for a maximum price of $637 (converted from euro at current exchange rates) and Dior will offer a maximum price of $364, also for up to 10 percent of its shares. The offer will be good until Nov. 17, 2001.
PPR will ask its shareholders at the annual meeting on May 23 to approve a buyback of as much as 10 percent of its capital for a maximum price of $291. PPR’s offer is valid though Nov. 23, 2001.