PARIS, France — LVMH Moet Hennessy Louis Vuitton SA, the largest luxury-goods company, booked a 2.81 billion-euro ($3.5 billion) capital gain after distributing its 23 percent stake in Hermès International SCA to investors.

The Hermès shares were valued at today’s opening price of 280.10 euros, Paris-based LVMH said in a statement. LVMH stockholders got 2 Hermès shares for every 41 LVMH shares owned.

LVMH is controlled by Chairman Bernard Arnault, France's richest man. It's distributing the stake in Birkin handbag maker Hermès to shareholders to settle a dispute about four years after accumulating the stock without its rival's knowledge.

Fashion maker Christian Dior SA, through which Arnault controls LVMH, also distributed Hermès stock to minority shareholders. The moves leave the billionaire’s Groupe Arnault holding company with an 8.5 percent interest in Hermès.

Hermès jumped as much as 8.5 percent and was trading up 6 percent at 293.50 euros as of 1:02 p.m. in Paris. LVMH rose 1.5 percent to 125.10 euros, while Dior increased 2.3 percent to 131.10 euros.

By Andrew Roberts. Editors: Celeste Perri, Tom Lavell, Robert Valpuesta.