the name of the father. Because of the friendship linking Bernard Arnault Jean-Luc Lagardère, the first comes to the rescue of the son of the second. Monday morning, a press release announced the entrance of the family Arnault within the personal holding of Arnaud Lagardère LCM to Lagardère Capital & Management. This holding carries the participation of 7.26 % from Arnaud Lagardère for the Lagardère group, the detention of the company Arjil Sponsored - Arco, managing general partner, which controls the power but also the debt of 168 million euros contracted by Arnaud Lagardère.
The family of Bernard Arnault invests a few hundred million euros to take a quarter of the share capital of LCM.
"The merger will enhance the structure and financial capabilities of LCM. The family groups of MESSRS Bernard Arnault and Arnaud Lagardère will act in concert vis-à-vis of Lagardère SCA," says the press release.
The two men have welcomed the agreement. "I am happy and proud of this association with Groupe Arnault, with whom we share long-standing values of the family business. The outstanding success of Groupe Arnault, in France and everywhere in the world, its success in the field of distribution, its investment in the field of creation and culture meet the fundamental pillars of my Group and are the pledge of a lasting collaboration and fruitful," said Arnaud Lagardère. And echoes, Bernard Arnault stated, "I have received favourably the proposal of Arnaud Lagardère us to join him. My friendship with Jean-Luc Lagard * re bound our families and I have the greatest respect for the Group that he has built. I am pleased that we, alongside Arnaud Lagardère, a shareholder long-term of the company that bears his name."Two champions of the travel retail
It is a new episode in the crazy saga of the bailout of the Lagardère group. Attacked by the fund in Amber, the first shareholder with 18 % of the share capital, Arnaud Lagardère has sought allies. Before the general Assembly of crucial on the 5 may, he did enter the capital group's Marc Ladret de Lacharrière, but also Vincent Bolloré. Yet, hardly in the place started to redeem securities Lagardère. It would be mounted more than 15%, becoming the second shareholder in the Lagardère group.
To guard against the intentions of this friend of a bulky, Arnaud Lagardère and its senior banker, Rothschild are therefore left in search of a new ally. They found Bernard Arnault, one of the richest people in the world and have associated with the holding head. The two families know each other for a long time. Bernard Arnault and his son Antoine has been a member of the board of directors of Lagardère group. And Arnaud Lagardère has been that of LVMH.
The discussions have been carried out quickly. In an interview with les Echos, a daily owned by Bernard Arnault, dated as of may 13, Arnaud Lagardère said that "if I were to one day seek someone, I would do it in very official manner, openly and in an alliance". The two men were already in contact to this date.
This operation has several advantages. First, it solves the debt problem of Arnaud Lagardère vis-à-vis de lu Agricultural Credit. Secondly, it greatly increases the ability of the holding company to strengthen the capital of the Lagardère group. Finally, she opens an exit door clear for Arnaud Lagardère. If he shall assign a day the control of his group, this will be a priority to the family of Bernard Arnault.
empire Arnault is based on LVMH, holds assets similar to those of the Lagardère group. LVMH owns the group DFS, specializing in travel retail, one of the two pillars of the Lagardère group. While the sector going through an unprecedented crisis with the closure of airports across the world, the combination of the two structures would make sense.
in addition, LVMH has a group of media with the daily Les Échos, Le Parisien, but also Classical music Radio station. The Lagardère group has the JDD and Paris Match in the press and the group's Europe 1 radio.
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