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Industry: Email Alert RSS FeedBourse halts LVMH trading as price soars 20 percent. (Moet Hennesset Louis Vuiton, Paris Bourse)
Daily News Record, January, 1989 by Honigsbaum, Mark
Bourse Halts LVMH Trading As Price Soars 20 Percent PARIS (FNS) -- Trading in LVMH Moet Hennessey Louis Vuitton stock was suspended half an hour before the close of the Paris Bourse Thursday as massive share-buying pushed the price of LVMH's shares up 20 percent, the maximum increase allowed in one day by the French stock exchange.
The dramatic trading in LVMH shares immediately fueled speculation that French entrepreneur Bernard Arnault had renewed his assault on the giant luxury goods conglomerate in a bid to seize control of the company.
Although neither Arnault nor LVMH would comment on the share-buying blitz, financial analysts pointed out that the majority of orders were placed by brokerage houses linked to banks allied with Arnault.
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