Kering vs. LVMH
Kering, formerly Pinault-Printemps-Redoute SA (PPR), got involved in Gucci in 1999. Luxury stock rival LVMH Moët Hennessy Louis Vuitton SE (LVMHF -1.73%) had been quietly purchasing Gucci shares, amassing a 34% ownership stake. Gucci leadership accused LVMH of stealth takeover tactics and turned to French mogul François Pinault for help.
At the time, Pinault was diversifying and transforming PPR. He had founded the company in 1962 as a timber trading operation, but it had evolved into a retail conglomerate. The Gucci acquisition was an opportunity to complete the transition into luxury goods. Pinault willingly stepped in as Gucci's white knight.
As planned, PPR's investment in Gucci diluted LVMH's ownership position. LVMH took legal action, claiming the PPR arrangement had defrauded Gucci's minority shareholders.
The fight lasted two years, ultimately becoming a personal battle between Pinault and LVMH founder Bernard Arnault. In the end, the courts upheld the PPR investment. In 2001, PPR was authorized to buy half of LVMH's Gucci shares.
Delisting
By 2004, PPR owned 68% of Gucci. PPR acquired the remaining shares through a monthlong tender offer held in April of that year. Gucci was subsequently delisted from the New York and Amsterdam stock exchanges. PPR changed its name to Kering in 2013.