PARIS — The Financière Agache holding, controlled by LVMH Moët Hennessy Louis Vuitton chairman Bernard Arnault, said Tuesday that it would sell its remaining stake in the Carrefour Group.
The sale concludes Arnault’s gradual exit initiated in September 2020 and concerns 5.7 percent of the share capital and 8.89 percent of voting rights.
“Agache has backed the Carrefour Group reliably for the past 14 years. Since my arrival, I have benefited from the trust and unwavering support of Bernard Arnault at every stage of the group’s transformation. I thank him very much,” said Carrefour group chairman and chief executive officer Alexandre Bompard in a statement revealing the sale.
The luxury titan had entered the capital of the grocery and hypermarket retailer in 2007 and accrued up to 9 percent of its share capital, becoming one of its biggest shareholders behind the founding Halley family. Shares were then valued at 47 euros, before plummeting 48.4 percent during the following year’s financial crunch.
Recently, he was in favor of a tie-up with Quebec-based convenience store chain Alimentation Couche-Tard, ultimately blocked by the French government, which citing the role of the grocery and hypermarket retailer as the largest employer in France and a key component in the country’s food security for the population.
Shares in Carrefour were down 0.35 percent on Tuesday, closing at 16.85 euros at the Paris Bourse.
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By: Lily Templeton
