French luxury goods company LVMH, which owns Moet champagne and Louis Vuitton, has made a surprise acquisition of 17% of its rival Hermes.
Shares in Hermes rose by 18% to an all-time high, but slipped slightly before trading finished.
Hermes is known for leather goods and scarves and says it wasn't aware of LVMH's stakebuilding, but the controlling Hermes family shareholders remain committed to their 75% stake in the company.
LVMH says it wants to be a long-term shareholder and will not seek to take over the group or influence its strategy.
