, Columnist
Backstabbing, Patronage And Squabbles in French Billionaire Class
Arnaud Lagardere has truly let the fox into the henhouse in the battle for the future of the eponymous French company.
Friends and enemies.
Photographer: ERIC PIERMONT/AFPThis article is for subscribers only.
Arnaud Lagardere is learning the hard way that marriages of convenience in the business world can work for you, and against you.
The hedge fund Amber Capital U.K. LLP has for two years been targeting the eponymous Lagardere SCA — a media and retail company founded by Arnaud’s late father, which is now run by the son — for sweeping governance changes. To fend off the activist attack, Lagardere turned to the French establishment for support earlier this year.