Diageo stake may pay for Gucci
Thursday 25 March 1999
BERNARD ARNAULT, chairman of the luxury goods group LVMH, told a French newspaper the group could finance a takeover of Gucci by selling its stake in the British food and drinks group Diageo. "This bid could be totally financed by the sale of our holding in Diageo, which is worth around Ffr30bn [pounds 3.1bn]," Reuters quoted Mr Arnault as telling Le Figaro in an interview to be published today.
LVMH holds 11 per cent of Diageo and has said the stake is not strategic and would be sold within three years. Diageo shares have fallen 10 per cent since early March; they closed yesterday at 649p, down 21p on the day.
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