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Arbitrator approves LVMH acquisition of 58 NEW YORK--(BUSINESS WIRE)--Dec. 17, 1996--The arbitrator ("Wise Man") appointed by replica watches uk of DFS has issued a ruling confirming the right of the majority shareholders to sell their interests in DFS to LVMH Moet-Hennessy rolexreplica. Pursuant to this ruling and to the Purchase Agreement dated Oct. 1, 1996, with the two majority shareholders of DFS, LVMH will acquire 58.75% of DFS for a total consideration of US$2.47 billion (FRF 12.85 billion). Closing of the rolexreplica took place following the Wise Man's decision, except for an 8.85% interest in one of the DFS companies which LVMH will acquire following expiration of the applicable Hart-Scott-Rodino waiting period. LVMH, the world's leading producer of swissreplicawatches, will thus acquire a majority interest in DFS, the world's leading distributor of luxury goods. DFS, with headquarters in San Francisco, generates annual sales of US$2.9 billion through a network of 180 stores primarily in the omegareplica. The group has a track record of outstanding financial performance with a return on equity averaging 85% per year over the past three years and strong free cash flow averaging US$290 million per year over the rolexreplica.
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