Bernard Arnault (left) and Arnaud Lagardere (right) - Reuters filepics
PARIS: France's business elite closed ranks around publishing group Lagardere on Monday with LVMH's Bernard Arnault and Vivendi's Vincent Bollore swooping in to bolster its defences against London-based hedge fund Amber Capital.
Arnault, France's richest man, has bought a 25% stake in Lagardere Capital & Management (LCM), the personal holding company of Arnaud Lagardere, the heir of founder Jean-Luc Lagardere. The move shores up its finances after LCM's debts exceeded the value of its 7.3% stake in the Lagardere Group.
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