France's business elite closed ranks around publishing group Lagardere on Monday with LVMH's Bernard Arnault and Vivendi's Vincent Bollore swooping in to bolster its defences against London-based hedge fund Amber Capital.
Bollore's Vivendi, meanwhile, increased its stake in Lagardere SCA to 16.48per cent making it the second-largest shareholder after activist fund Amber Capital, which last month failed to shake up the so-called"commandite" governance structure, which concentrates power in the hands of Arnaud Lagardere.
Bollore already owned more than 13per cent of Lagardere SCA via Vivendi and analysts said that he and Arnault may be eying Lagardere's assets.
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