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Bernard Arnault to Sell Carrefour Stake – WWD

PARIS — The Financière Agache holding, managed by LVMH Moët Hennessy Louis Vuitton chairman Bernard Arnault, stated Tuesday that it will promote its remaining stake within the Carrefour Group.

The sale concludes Arnault’s gradual exit initiated in September 2020 and issues 5.7 p.c of the share capital and eight.89 p.c of voting rights.

“Agache has backed the Carrefour Group reliably for the previous 14 years. Since my arrival, I’ve benefited from the belief and unwavering help of Bernard Arnault at each stage of the group’s transformation. I thank him very a lot,” stated Carrefour group chairman and chief govt officer Alexandre Bompard in an announcement revealing the sale.

The luxurious titan had entered the capital of the grocery and hypermarket retailer in 2007 and accrued as much as 9 p.c of its share capital, changing into one in all its greatest shareholders behind the founding Halley household. Shares had been then valued at 47 euros, earlier than plummeting 48.4 p.c throughout the next yr’s monetary crunch.

Not too long ago, he was in favor of a tie-up with Quebec-based comfort retailer chain Alimentation Couche-Tard, in the end blocked by the French authorities, which citing the position of the grocery and hypermarket retailer as the biggest employer in France and a key element within the nation’s meals safety for the inhabitants.

Shares in Carrefour had been down 0.35 p.c on Tuesday, closing at 16.85 euros on the Paris Bourse.

For extra, see:

France, Brazil Push Carrefour Revenue Ahead 4.2% in Q1

 

https://wwd.com/business-news/monetary/bernard-arnault-lvmh-sale-carrefour-stake-1234906845/ | Bernard Arnault to Promote Carrefour Stake – WWD

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