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Christian Dior Couture bought by LVMH for US$7 billion
25 April 2017, 12:57 | Ignacio Smith
A woman walks past a Dior shop in downtown Brussels Belgium
In their announcement, LVMH headed by Bernard Arnault announced that it would buy the 26 percent of shares of the Christian Dior pie that it doesn't now own.
Set up 70 years ago, Christian Dior Couture "is one of the most iconic brands worldwide", LVMH said.
"On the strength of its history and favorable prospects, Christian Dior Couture will be a source of growth for LVMH", it said.
Mr. Arnault said the plan would simplify the structure of the businesses, which had "long been requested by the market", as well as strengthen LVMH's fashion and leather goods division with the addition of Christian Dior Couture.
In an internal transaction, LVMH will then buy Christian Dior Couture, the fashion subsidiary of Christian Dior in a deal that values the unit at EUR6 billion.
In Paris, LVMH shares were gaining 3.05 percent to 221.25 euros, and Christian Dior shares were gaining 12 percent to 253.90 euros.
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At present, Christian Dior Couture is wholly owned by Christian Dior SA.
The deal reshuffles LVMH's complex corporate relationship with Christian Dior and the Arnault family.
- Semyrhamis now owns 74.1 percent of Christian Dior's share capital and 84.9 percent of its voting rights.
LVMH will pay 260 euro per share and shareholders can choose to be paid in cash or to get Hermes shares in return. Revenue at Christian Dior has doubled over the last five years, as profitability has soared during the same timeframe.
That represented a premium of 14.7 percent over the closing share price on Monday and a premium of 18.6 percent over the average share price during the past month.
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