LVMH to sell Diageo stake
Saturday 18 September 1999
MOET HENNESSY Louis Vuitton, LVMH, the French luxury goods group, has confirmed it does not plan on keeping a stake in British food and drinks group Diageo for the long-term. "If we are sellers, we'll wait for Diageo's share price to go back up. At 800p, 850p or 900p we could be tempted, but not at the current level," LVMH's chairman and chief executive Bernard Arnault told a news conference after the group announced first-half results. LVMH in March cut its Diageo stake by around 4 per cent to 6.8 per cent. That disposal helped boost LVMH's first-half performance, which saw net profits rise 59 per cent to 360m euros.
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