© Reuters. FILE PHOTO: Arnaud Lagardère, the boss of French media group Lagardère, arrives to attend the group’s general meeting of shareholders in Paris, France, May 3, 2018. REUTERS / Charles Platiau
PARIS (Reuters) – Arnaud Lagardère, the CEO of Lagardère, denied on Sunday that he was in conflict with luxury billionaire Bernard Arnault, who recently confirmed that he was effectively severing ties with Lagardère’s personal holding company.
“There is no divorce. On the contrary, we have been discussing it for a few months. Bernard Arnault continues to believe in the future of the Lagardère group, in its ability to bounce back, and in its strategy,” said Lagardère in a communicated. interview with the weekly Le Journal du Dimanche, which he owns.
“The best proof of his confidence is that Financière Agache remains in the capital of the Lagardère group … Our relations are excellent. My role is now to ensure that he makes a return on his investment”, he said. added.
Arnault came to Lagardère’s rescue in May 2020 with an investment to help fight an activist fund and clear personal debts.
Last week, Arnault restructured his stake in the media and publishing group, however becoming a simple shareholder with a 10% stake rather than an investor in Lagardère’s personal holding company.
Lagardère told the weekly that the scope of the Lagardère group would remain “intact”.
“We are going to keep all the assets and develop them … This group will experience a historic rebound after a phase of reconstruction and shareholder instability,” he added.
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