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Article: LVMH is doubling stake in Guinness. (LVMH Moet-Hennessy Louis Vuitton)
- Article from:
- WWD
- Article date:
- June 1, 1990
CopyrightCOPYRIGHT 1990 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LVMH IS DOUBLING STAKE IN GUINNESS
PARIS -- LVMH Moet Hennessy Louis Vuitton announced Thursday it is doubling its stake in its major international ally, Guinness, the British beverage group, to 24 percent.
The increase is being done in a two-stage operation that will cost the French conglomerate about 950 million pounds (about $1.6 billion).
A move to increase LVMH's interest in Guinness had been expected for some time. Bernard Arnault, chairman, said last year that LVMH would eventually raise its stake in the British group to match Guinness' stake in LVMH. Guinness currently owns 24.1 percent directly or indirectly of LVMH.
Calling the ...