The Arnault family group is undertaking a significant restructuring of its corporate holdings, primarily aimed at simplifying the control chain for LVMH Moët Hennessy Louis Vuitton and ensuring the long-term continuity of family control. This plan involves merging Financière Agache into Agache, and then merging Agache into Christian Dior. Subsequently, Christian Dior will be converted into a limited joint-stock partnership (société en commandite par actions) and renamed Agache SCA.
As a direct consequence of this conversion, the Arnault family group will be required to launch a mandatory tender offer (offre publique de retrait – OPR) for all Christian Dior shares it does not currently own, which represents 2.44% of the share capital. The offer, paid entirely in cash, will not be followed by a squeeze-out, allowing minority shareholders the option to remain shareholders of the new listed entity, Agache SCA. The Arnault family intends to propose a price equal to 95% of Christian Dior's net asset value, calculated on a look-through basis from the one-month average of LVMH's share price.
For illustrative purposes based on September 23, 2026 data, this would have resulted in an indicative price of €469.05 per Christian Dior share, based on a one-month average LVMH share price of €423.18. This indicative price would represent theoretical premiums of 27.3% over the closing price on September 22, 2026, 21.6% over the one-month average price, and 12.5% over the three-month average price of Christian Dior shares. The tender offer is expected to take place in the first quarter of 2027, subject to approval from the French Financial Markets Authority (AMF).
Upon completion of these transactions, the new Agache SCA will hold a direct stake in LVMH representing 49.76% of the share capital and 65.55% of the voting rights. This will consolidate substantially all of the Arnault family group’s stake in LVMH, which totals 50.33% of the share capital and 66.27% of the voting rights. Bernard Arnault will retain his role as managing partner of Agache SCA, maintaining the family's governance structure established with the earlier conversion of Agache into an SCA in 2022 to ensure continuity of control over LVMH.
