French plutocratic raiders rally around their kind LJucca
Bernard Arnault, the billionaire who controls French luxury giant LVMH, has agreed to buy a stake of around 25% in the holding company of fellow French billionaire Arnaud Lagardere, Groupe Arnault and Lagardere Capital & Management said in a joint statement on May 25.
Lagardere has been locked in a stand off with activist hedge fund Amber Capital, which owns 18% of the French publishing and media group’s shares. Separately, French media group Vivendi, controlled by financier Vincent Bolloré, hiked its stake in Lagardere to 16.48%, French regulatory filings say on May 25.
Activist fund Amber has repeatedly criticised the French publisher and recently tried to oust its supervisory board.
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