Bernard Arnault, the billionaire behind luxury fashion group LVMH , has agreed to buy a stake in the holding company of fellow French billionaire Arnaud Lagardere, according to the holding companies of the two men.
FILE PHOTO:LVMH luxury group Chief Executive Bernard Arnault announces their 2019 results in Paris, France, January 28, 2020. REUTERS/Christian Hartmann
PARIS - Groupe Arnault and Lagardere Capital & Management said in a joint statement that Groupe Arnault would buy a stake equivalent to around one-quarter of the share capital of LCM. Earlier this month, Lagardere fended off activist fund Amber Capital’s attempt to replace the Lagardere supervisory board.
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