Court Fails to Settle Vuitton Battle
A Paris court failed on Thursday to settle a yearlong boardroom battle between Bernard Arnault, chairman of LVMH Moet Hennessy Louis Vuitton, and his rival Henry Racamier for control of LVMH, France’s largest luxury goods firm.
The court was expected to decide whether Arnault’s key 5% stake in LVMH was valid, but the matter was left in limbo. The court ruled that while the stake was legal, the way it was issued was irregular.
With the validity of Arnault’s shares still in question, his bitter foe Racamier signalled that the fight would continue.
“The battle is not finished,” said Antoine Sire, a spokesman for Racamier’s holding company. “It’s clear that they have said to shareholders: ‘You are right on the basic facts but you didn’t ask the right question. Come back and ask again.’ ”
But the view from Arnault’s camp was different.
“To us it’s the end,” one source close to Arnault said.
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