French AMF regulator proposes maximum fine against LVMH

Reuters

French market regulator AMF said on Friday it was requesting to fine luxury group LVMH 10 million euros, the maximum sanction that can be proposed, in a probe into the build-up of LVMH's initial 17 percent stake in rival Hermes .

LVMH had called earlier in the day for the judicial procedures used in the enquiry to be declared invalid, raising question marks about the entire process, its outcome and likely sanctions.

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But a panel of experts at AMF had already rejected on Friday LVMH's claims there were flaws in the procedure.

(Reporting by Pascale Denis and Astrid Wendlandt; Editing by Christian Plumb)