André Battestini

"This document has one merit: it shows that it was Henry Racamier who went to fetch Bernard Arnault. And it gives the latter legitimacy to at least set foot in LVMH, without prejudice to the betrayals and counter-betrayals of others later on. "From the start, I was deceived," Bernard Arnault would later assert. The principles are set: execution will take the form of a friendly takeover bid for 30% of LVMH's capital, as allowed by law at that time. The shares will be purchased by Financière Agache at a price of 3,000 francs and brought to a joint company owned equally by the two allies. The day of the assault is set for Monday, June 27. This takeover bid was concocted by André Battestini of Paribas, who advises Racamier. Lazard is not in on the deal. This crime of high treason (and self-interest) will have serious consequences."

""Can we sue a company and ally ourselves with one of its competitors while sitting on its management bodies? No." Jean Couten proposes to immediately exclude André Battestini, Jean-Paul Parayre, and the two censors, representatives of Vuitton, from the LVMH supervisory board and replace them with a Hennessy and a Moët-et-Chandon. Arnault, at the podium, says nothing, but everyone understands that the initiative comes from him."

"Nevertheless, André Battestini decides, against everyone's advice, to engage Paribas in the venture. He wonders if he has embarked on a strange adventure... but he perseveres and in October 1981, a consortium that will remain the same for years is finally ready: Penhoët, a portfolio company close to Paribas, takes 10%, Fidic of Serge Desmarais, a former oilman, and Pascal Gruzon (a subsidiary of Elf Aquitaine) share the remaining 10%. Louis Vuitton has taken the first step towards a future IPO. Always"