Matthew Jordan, like many Dresdner Kleinwort bankers, was worried about Commerzbank AG’s plans to take over the investment bank in 2008. Jordan, Dresdner’s deputy head of equity research, had lost 20 analysts to rivals that year amid uncertainty about the lender’s future.
LVMH Moet Hennessy Louis Vuitton SA , the world’s largest maker of luxury goods, said it intends to raise its stake in Hermes International SCA to 17.1 percent after buying 14.2 percent and doesn’t plan on taking control of its rival.
LVMH Moet Hennessy Louis Vuitton SA said it’s not seeking a takeover of Hermes International SCA after agreeing to buy a 17.1 percent stake for 1.45 billion euros ($2 billion). Analysts aren’t convinced.
Pernod-Ricard SA , the maker of Absolut vodka, reported first-half earnings growth that missed analysts’ estimates after it boosted spending on advertising and promotions to drive sales of major brands in emerging markets.
Fortune Brands Inc. , the maker of Jim Beam bourbon and Titleist golf balls, plans to split into three separate businesses and focus on distilled spirits after activist investor William Ackman built up a stake.