Arnault family to simplify LVMH shareholding structure through Christian Dior (updated)
UPDATE 1-Arnault family to simplify LVMH shareholding structure through Christian Dior Adds details
PARIS, Sept 23 (Reuters) - The family of French billionaire Bernard Arnault unveiled a plan to simplify the shareholding structure of the luxury group LVMH LVMH.PA through Christian Dior DIOR.PA, which also belongs to the family, a Dior statement said on Wednesday.
The Arnault family will merge its holding company Agache with Christian Dior. Agache currently owns 96% of Dior shares and 97.1% of the voting rights in Christian Dior and 6.77% in LVMH and 8.49% of the voting rights in LVMH.
The new entity will be named Agache and it will control directly 49.76% in LVMH and 65.55% of voting rights.
The merger, expected in December, will include a tender offer for the 2.44% of the Christian Dior shares Agache does not own. The Arnault family will offer a price to be defined based on the market price of the LVMH share price.
The Arnault family does not plan to delist the shares of the new entity.
The Arnault family controls 50.33% of LVMH and 66.27% of the voting rights.
(Reporting by Inti Landauro; Editing by Sanjeev Miglani)
((Inti.Landauro@thomsonreuters.com;))
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