Adds particulars
PARIS, Sept 1 (Reuters) – French media and publishing agency Lagardere LAGA.PA stated on Wednesday that Financière Agache, a holding firm owned by French luxurious items billionaire Bernard Arnault, had exercised its choice to promote its complete stake in Lagardère Capital in trade for Lagardère SA shares held by Lagardère Capital.
Lagardere stated in an announcement that the transaction, which might be carried out by way of an unequal discount in Lagardère Capital’s share capital, is anticipated to be finalized by early October on the newest. It additionally stated {that a} shareholders’ settlement between the events might be terminated.
Lagardere stated that in accordance with this shareholders’ settlement, Financière Agache will obtain 3.9 million Lagardère SA shares at the moment held by Lagardère Capital in trade for its stake in Lagardère Capital.
With the deal, Arnault unravels his funding in Arnaud Lagardère’s holding firm, in trade for shares instantly within the media and publishing group.
That may take his holding in Lagardere to only underneath 10% from lower than 8% now.
Arnault had initially invested to assist Arnaud Lagardère battle off an activist fund, however he ended up sidelined after billionaire Vincent Bollore ended up changing into Lagardere’s lead shareholder.
(Reporting by GV De Clercq and Sarah White Enhancing by Chizu Nomiyama and Jonathan Oatis)
(([email protected]; +33 1 4949 5343;))
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially mirror these of Nasdaq, Inc.
www.nasdaq.com