THE WHAT? Bernard Arnault has ended his shareholder agreement with Arnaud Lagardere, according to a report published by Reuters.
THE DETAILS The LVMH Chairman and CEO’s Agache investment company has exited Lagardere’s personal holding company and will instead raise its direct stake in the French publishing and travel retail firm.
THE WHY? Arnault came to the rescue last year as an activist investor threatened to takeover the firm. However, Reuters reports that Vincent Bollore’s subsequent purchase of 27 percent stake has ruffled feathers. With Arnault out, Lagardere is now vulnerable to takeover bids with Lagardere’s voting rights reduced to 11 percent.