Tough Negotiation as Ritual

“Without executive powers, the brothers seek to monetize their stake. They are approached by Worms Bank, already a shareholder with 10% and wishing to increase its stake. Fair players, they inform Bernard Arnault who also wishes to consolidate his relative majority. Under equal conditions, they agree to give preference to the latter. A negotiation meeting takes place on a Sunday at the office of the chairman Letartre. All four brothers are present, along with two of their wives. A fierce negotiation begins. The brothers value their stake at 600 million francs, equivalent to a value of 1,140 francs per share. Bernard Arnault chokes and stands firm on the figure of 250 francs which they had accepted during the sale of the first 20%. After long hours of discussion, the parties reach an agreement on the price of 760 francs per share, subject to the confirmation of support from Crédit Lyonnais to finance the operation and guarantee the sellers of the payment of the part of the settlement payable over time. The amount of the acquisition is to be paid over three years. Their stake is thus valued at 400 million francs. The four brothers sign the transfer slips for their shares. Confirmation of support from Crédit Lyonnais cannot be given until the following Monday evening at the earliest. The signed deeds and documents are entrusted to Michel Liagre, who will implement them only after receiving and verifying the commitments from Crédit Lyonnais.”

“The Boussac Saint Frères file is one of those. The quality and influence of the Christian Dior brand greatly impressed Bernard Arnault. He would really like to know more... He knows the brothers, who are also from the North, why not meet them? On July 15, 1984, a first meeting takes place in Croix, at Croquet, the name of Jean-Pierre Willot's lavish home. Who will outsmart whom? Bernard Arnault mostly talks about Dior, but it's all or nothing...”