PARIS — Luxurious titan Bernard Arnault is exiting Lagardère Capital, the private holding firm of Arnaud Lagardère.
Financière Agache, the holding firm of the LVMH Moët Hennessy Louis Vuitton chairman, stated in an announcement Wednesday that it’s promoting its whole stake in Lagardère Capital in alternate for Lagardère SA shares.
Financière Agache’s stake in Lagardère Capital stands at 27 p.c. As soon as the operation is finalized, on the newest by early October, Financière Agache will personal about 3.9 million shares, or about 9.97 p.c of Lagardère SA.
Lagardère SA is the guardian firm of publishing firms grouped beneath the Hachette Livre division; a journey retail division, and media pursuits together with Europe 1 radio, Le Journal du Dimanche newspaper and Paris Match journal.
The news on Wednesday comes someday after Financière Agache stated it will promote its remaining stake within the Carrefour Group.
Final 12 months, Arnaud Lagardère had been battling efforts by activist investor Amber Capital and Vivendi, the media group managed by Vincent Bolloré, to achieve board illustration. In a bid to strengthen his place, Lagardère enlisted Arnault to purchase shares in Lagardère, which he did in Could 2020.
That technique appeared to backfire, as Arnault and Bolloré squared off, with Bolloré reportedly serious about buying management of Hachette Liver and Europe 1, and Arnault seen circling Le Journal du Dimanche and Paris Match. LVMH already owns newspapers Les Echos and Le Parisien.
Lagardère in 2019 bought most of its press portfolio to Czech Media Make investments, together with French Elle, Model Femina, Artwork & Décoration, Télé 7 Jours, France Dimanche, Ici Paris and Public.
This April, the Lagardère group stated it had reached an settlement with shareholders to surrender the governance system that had lengthy granted chief govt officer Arnaud Lagardère full management of the corporate.
Lagardère agreed to dissolve the construction, referred to as a société en commandite par actions, and change it with a joint-stock firm. In alternate, he acquired 10 million new shares, equal to 7 p.c of the group’s capital after their issuance, and was named chairman and CEO for a six-year time period.
The deal, beneath which the primary shareholders got illustration on the board, was anticipated to stave off the prospect of the Lagardère’s dismantling.
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https://wwd.com/business-news/monetary/bernard-arnault-exiting-arnaud-lagarderes-personal-holding-company-1234907526/ | Bernard Arnault to Exit Arnaud Lagardère’s Private Holding Firm – WWD