Scent of a Bargain for European Tycoons
What does luxury king Bernard Arnault see in discount stores? Arnault, the boss of LVMH Moët Hennessy Louis Vuitton, disclosed on Mar. 7 that he had teamed up with U.S. investment group Colony Capital to buy nearly 10% of Paris-based Carrefour, the global No. 2 discount retailer after Wal-Mart (WMT). News of the $4.5 billion purchase broke on the same day Carrefour Chairman Luc Vandevelde was ousted in a dispute with France's Halley family, Carrefour's biggest shareholder (with a 20% voting stake).
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.