PARIS — Bernard Arnault is suddenly Carrefour's largest shareholder.
France's Halley family on Wednesday said it would dissolve the pact that gives its members the majority share of French hypermarket operator Carrefour. The family said it would end the agreement that gives it a 10 percent controlling stake of the company when Carrefour convenes for its annual shareholders meeting on April 15.
The move will ipso facto make Blue Capital, the investment vehicle of LVMH Moët Hennessy Louis Vuitton chief Arnault, and investment firm Colony Capital Carrefour's largest shareholder with more than 9 percent.
Arnault and Colony acquired their "strategic" stake in Carrefour through Blue Capital last year.
A spokesman for the Halley family said the decision was not the result of animosity between family members.
Rumors circulated last year that the family was in disagreement over strategy after they forced out former Marks & Spencer head Luc Vandevelde as Carrefour's chairman and replaced him with Robert Halley.
"The family members want to have more freedom over their investment portfolios," the Halleys' spokesman said of the decision. "There is no fighting."
In a statement, Blue Capital said it would "play its role as Carrefour's main shareholder" and that it was interested in the "group's stability."
"Blue Capital reiterates the strategic nature of its investment and its confidence in the management to create value for the group," the statement said.
Carrefour was slated to report its annual results today in Paris.
Peter Kim's Los Angeles-based premium denim line has always had its finger on the pulse of youth. This season, novelty is back in a way reminiscent of early Aughts, with studs, lace-ups, racing waxed denim and more. For more highlights if some of the key brands at the Vegas trade shows, go to WWD.com. #wwdfashion (📷: Patrick Gray; Styles by @thealexbadia; Story by @karihamanaka and @marcy_wwd)
"I was driving back on Saturday afternoon from the beach, and I just saw this sign saying 'Skydiving for $95.' And I was like, I can't not sky dive for $95," says Tom Bateman about a moment in Hawaii while shooting "Snatched." #wwdeye (📷: @vsteves; Interview by @ktauer; Styled by @thealexbadia)