LVMH boss Arnault's company to buy stake in Lagardere holding firm

[PARIS] Bernard Arnault, the billionaire behind luxury fashion group LVMH, has agreed to buy a stake in the holding company of fellow French billionaire Arnaud Lagardere, according to the holding companies of the two men.

Groupe Arnault and Lagardere Capital & Management (LCM) said in a joint statement that Groupe Arnault would buy a stake equivalent to around one-quarter of the share capital of LCM.

Earlier this month, Lagardere fended off activist fund Amber Capital's attempt to replace the Lagardere supervisory board.

REUTERS