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France's Arnault restructures his Lagardere holdings - Metro US

France’s Arnault restructures his Lagardere holdings

FILE PHOTO: The logo of French media group Lagardere is seen during the groups annual general meeting in Paris

(Corrects spelling of Bernard Arnault in headline)

PARIS (Reuters) – French media and publishing firm Lagardere said on Wednesday that Financière Agache, a holding company owned by French luxury goods billionaire Bernard Arnault, had exercised its option to sell its entire stake in Lagardère Capital in exchange for Lagardère SA shares held by Lagardère Capital.

Lagardere said in a statement that the transaction, which will be carried out by means of an unequal reduction in Lagardere capital’s share capital, is expected to be finalized early October at the latest. It also said that a shareholders’ agreement between the parties will be terminated.

(Reporting by GV De Clercq and Sarah White; Editing by Chizu Nomiyama)

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