[Leica] 30% share in Leica AG sold!

[Photovilla@aol.com]

Many of you may have seen this already, but here it is for those who haven't. 

cheers,
Rich
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Not for distribution in the United States of America, Canada, Australia or 
Japan.

The Chairman of Leica Camera AG’s Management Board, Hanns-Peter
COHN, and Hermès’ Chairman, Jean-Louis DUMAS, announce their
intention to establish a partnership between the two houses.
This willingness will be materialised through a public tender offer in
Germany of Hermès for 30% of the share capital of Leica Camera AG,
which will represent an investment of approximately Euro 17 million.
The proposed price is Euro 12.5 per share, representing a 30%
premium on the average stock market price in the last three months. The
period of this offer runs from November 22nd until December
20th,2000. 

Leica Camera AG’s Management Board declares it is in favour of the
arrival of this new quality partner, as this transaction expresses the
willingness for an alliance between two companies with a strong culture,
and which have been inspired since their foundation by the same values of
innovation and excellence.It considers the public tender offer of Hermès
International SCA as a fair valuation of the Leica share and sees the
proposed price of 12.50 Euro per share as attractive in view of the
development of the share price. It recommends the Leica shareholders to
offer their shares according to the tender offer.

Leica Camera AG, which originally comes from Optische Werke Ernst
Leitz’s photo division founded in 1849, is specialised in very high quality
optics and cameras. It is famous world-wide, in particular thanks to its
legendary Leica M6 camera and its high precision binoculars.

The Hermès group, which was founded in 1837, develops its high quality
know how in fourteen sectors including saddlery and leather goods, silk
scarves and ties, ready-to-wear, watches, tableware, jewellery, art of
living and perfumes.

For Hermès this new association is in line with a strategy aiming at
partnerships with masters in their fields carried out since 20 years with
houses such as the John Lobb bootmaker, Cristalleries de Saint-Louis,
Orfèvrerie Puiforcat, Tissages Perrin, and more recently, a 35%
partnership with the Jean-Paul Gaultier fashion house.

Leica Camera AG’s sales for the year ending as at March 31st, 2000 have
reached Euro 141 million, and operating profit was Euro 3.6 million. Hermès’ 
consolidated sales were Euro 927 million in 1999, with operating profit 
amounting to Euro 192 million.

Solms, Paris, November 20th, 2000


The tender offer described above (the “Tender Offer”) is note being
made, directly or indirectly, in the United States of America (“the
U.S.”), Canada, Australia or Japan, nor may it be accepted in or from, the
U.S., Canada, Australia or Japan. Accordingly, copies of this document or
any other document related to the Tender Offer are not being, and should
not be, mailed or otherwise forwarded or distributed or sent in or into
the U.S. (by means or instrumentalities of U.S. interstate commerce or
otherwise), Canada, Australia or Japan: