Billionaire Bernard Arnault swoops for Christian Dior in €12.1bn deal
Billionaire Bernard Arnault swoops for Christian Dior in €12.1bn deal
The Arnault family will hand over a mix of cash and Hermès shares to buy the 26 per cent of Christian Dior they don’t already ownTORU YAMANAKA AFP
25 April, 2017, 13:37
Bernard Arnault, the billionaire businessman, is to buy the rest of Christian Dior he does not already own in a deal which will see LVHM, his luxury good group, purchase Dior's couture brands for €6.5 billion.
The €13 billion deal will be made through "a simplified public offer by the Arnault family group for Christian Dior shares - that it does not now hold - and take form of a primary offer consisting of €172 per share in cash and 0.192 Hermès worldwide shares for each Christian Dior share, and would be completed by two secondary offers, in cash and in Hermès shares respectively", LVMH said in a statement, reports the BoF.
Shares of LVMH Moet Hennessy Louis Vuitton SE (LVMUY) and Christian Dior SA ( CHDRY ) were gaining around 3 percent and 12 percent, respectively, in Paris after the announcement of LVMH's planned buy out of the luxury brand.
The deal reshuffles LVMH's complex corporate relationship with Christian Dior and the Arnault family.
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"This is a good acquisition for LVMH in our view given the strong brand of Christian Dior, good use of its balance sheet and it reunites the Christian Dior brand with the very profitable perfume operation that LVMH operates", Barclays analysts wrote in a research note.
Arnault's family company will offer 172 euros per share and 0.192 Hermes shares for each Dior holding company share.
LVMH added in a statement that the overall deal would boost its earnings-per-share within the first year of its completion, with the transaction expected to be closed during the second half of 2017. They illustrate the commitment of my family group and emphasise its confidence in the long-term perspectives of LVMH and its brands. Dior shares jumped 13 percent to a new high of 256 euros.
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