Lagardere has enlisted another billionaire to keep the company and its controlling owner solvent during the pandemic. Longtime family friend Bernard Arnault’s investment firm Groupe Arnault has agreed to buy 25 percent of Lagardère Capital & Management, the holding company of Arnaud Lagardere. Arnault is reportedly paying less than €100 million for the stake. LCM owns a 7.3 percent take in Lagardere, but has control of the company through its corporate structure. “The move shores up its finances after LCM’s debts exceeded the value” of those shares, Reuters report. LCM owes as much as €200 million to Crédit Agricole. Activist […]
