Bernard Arnault of LVMH buys stake in Lagardère

Bernard Arnault, Chairman of LVMH, is all set to buy a stake in Lagardare holding firm that’s owned by Arnaud Lagardère.

Arnaud is the owner of much renowned publishing house, Lagardare.

In a joint statement released to the media, Lagardère Capital & Management and Groupe Arnault, said that the stake will amount to 25 per cent of the share capital.

This is seen as a significant development as the firm is looking at new investors to help fend off Amber Capital – the activist fund – that has been demanding some major changes in the company including replacement of its supervisory board.

Here it is important to note that Vincent Bollore and Marc Ladreit de Lacharriere, the French billionaires, have also bought stakes in Lagardère.

More on the alliance, the joint statement also read that the alliance will further strengthen Lagardere Capital & Management’s structure as well as financial capabilities. “The family groups of Bernard Arnault and Arnaud Lagardère will act in concert with respect to Lagardère SCA,” the statement read.