LVMH TAKES 2 UNITS OFF BOURSE

PARIS — With a stock buyback operation just about completed, Au Bon Marche and Financiere Agache — two of the financial vehicles of Bernard Arnault in his control of LVMH Moet Hennessy Louis Vuitton — will be removed from the Paris Stock Exchange on Feb. 17.
The buyback process was begun in December, and industry observers have suggested that Arnault undertook the operation to tighten his rein on Christian Dior SA. Au Bon Marche controls 53 percent of Dior SA, which in turn holds a 41.7 percent stake in LVMH and also owns the Christian Dior fashion business.
With the removal of Au Bon Marche and Agache from the exchange, the Arnault companies traded on the Paris Bourse will be consolidated into three: LVMH, Dior SA and Montaigne Participations et Gestion.

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