LVMH CEO ups stake in Lagardere

LVMH CEO ups stake in Lagardere

THE WHAT? The Chairman and CEO of LVMH, Bernard Arnault has upped his stake in French publishing company Lagardere to 15.01 percent, via his Group Arnault firm, according to a report published by WWD.

THE DETAILS The move is said to be a bid to block activist investors Amber Capital and rival media group Vivendi securing a seat on the board – the duo’s bid to force an exceptional shareholder meeting was rejected by a Paris court last week, WWD reports.

THE WHY? Arnault is not only friends with Lagardere’s Founder, Jean-Luc Lagardere but also is said to share the management’s strategic vision for the company.

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