French tycoon's LVMH to consolidate control over Dior

Paris

FRENCH billionaire Bernard Arnault moved to consolidate control over Christian Dior for about 12.1 billion euros (S$18.3 billion), folding the fashion house's operations into the LVMH luxury empire in one of his biggest transactions.

The deal unites ownership of one of the most iconic fashion brands under one roof for the first time in decades, valuing Paris-based Christian Dior SE at 260 euros a share, according to a statement on Tuesday. That's 15 per cent above the Monday closing price of Dior, which Mr Arnault's family already controls with a 74 per cent stake.