PARIS — It has been nearly four years since the fashion mogul Bernard Arnault shocked the French business world and added billions to his fortune by stealthily obtaining a large stake in Hermès, the jewel of the luxury world.
巴黎——近四年前，时尚业大亨贝尔纳·阿尔诺(Bernard Arnault)因为秘密购入奢侈品行业的明珠爱马仕(Hermès)的大量股份而震惊了法国商界，同时也让自己的财富增加了数十亿。
Mr. Arnault, France's richest man, ultimately built his stake to nearly one-quarter of Hermès's shares. And in so doing, he set off an acrimonious public battle in which the family that controls Hermès tried to force him to sell his shares.
最终，身为法国首富的阿尔诺让自己持有的爱马仕股份增加到了近四分之一。他的这一做法引发了一场激烈的公开交锋。在交锋中，控制着爱马仕的家族尝试强迫阿尔诺卖掉自己持有的股份。
On Wednesday, both sides claimed victory.
周三，双方皆称自己取得了胜利。

Mr. Arnault and Axel Dumas, the Hermès chief executive and a descendant of the founder, said in a joint statement that they had accepted a plan proposed by a Paris commercial court “to bring to an end the conflicts between the two groups and restore a climate of positive relations between them."
阿尔诺和创始人的后人、爱马仕首席执行官阿克塞尔·杜马(Axel Dumas)在一份联合声明中表示，双方接受了巴黎一家商业法庭提出的一个方案，“以结束两大集团之间的冲突，恢复双方关系良好的氛围”。
Under the deal, LVMH Mo?t Hennessy Louis Vuitton, the luxury giant controlled by Mr. Arnault, will spin off its entire Hermès stake to LVMH shareholders. That ends the threat that the French mogul could walk away with the venerable company, although it leaves Mr. Arnault with a residual stake of 8.5 percent. The terms restrict his ability to buy additional Hermès shares for at least five years.
根据相关协议，处于阿尔诺控制下的奢侈品巨头LVMH酩悦·轩尼诗-路易·威登集团(LVMH Mo?t Hennessy Louis Vuitton)将把持有的全部爱马仕股份转让给LVMH集团的股东。这就消除了阿尔诺会夺走这家古老公司的威胁，但协议依然允许阿尔诺保留8.5%的股份。相关条款还规定，阿尔诺至少五年之内不能再买进爱马仕的股份。
"Mr. Arnault understood that it had gotten too complicated to go any further," said Virginie Blin, an analyst at AlphaValue in Paris. "It's a smart move for him to end the war."
“阿尔诺明白，事情变得太复杂了，不能再继续下去了，”巴黎AlphaValue的分析师维尔日妮·布兰(Virginie Blin)说。“对他来说，结束这场战争是明智之举。”
Shares of Hermès, a company known for its handcrafted Birkin handbags and colorful scarves, fell 3.4 percent in Paris trading on Wednesday, as the announcement ended speculation of a takeover battle and led to expectations that much of the stake held by LVMH would soon be dumped onto the market.
爱马仕公司以手工制作的铂金(Birkin)包和五彩缤纷的围巾而闻名。周三，随着声明结束了有关收购战的猜测，并导致外界预计LVMH很快便会向市场抛售其持有的大量股份，爱马仕在巴黎的交易价下跌3.4%。
Shares of LVMH, the owner of luxury brands including Givenchy haute couture clothing, Mo?t & Chandon Champagne and TAG Heuer watches, closed up 2.9 percent.
旗下拥有纪梵希(Givenchy)高级女装、酩悦香槟(Mo?t & Chandon Champagne)和泰格豪雅(TAG Heuer)手表等奢侈品牌的LVMH收盘价上涨2.9%。
LVMH says that it reaped a capital gain of 3.8 billion euros (about $5 billion) on its investment in Hermès. Mr. Arnault's 8.5 percent stake is currently worth about