Bernard Arnault is hoping to bring Christian Dior’s beauty and fashion businesses under one roof, as the French billionaire owner of LVMH offered to buy out the couture arm for €12.1 billion, according to a report published by Bloomberg.

The Arnault family is offering €260 a share to minority investors – in cash or Hermes stock of equivalent value. The deal would simplify the business ownership structure of the French fashion brand – LVMH currently holds a 74 percent stake.

Shares in both companies rose following the news, with LVMH up 4.9 percent and Christian Dior soaring 13 percent.