Anthony Tennant

"The Jacques Rober construction is admirably crafted. It gives Arnault, in his offensive, the financial support of the powerful Guinness battalions, while leaving him in control as the majority shareholder. How could the English brewer accept to be so bound and tied? He wanted at all costs to participate in LVMH's capital to consolidate his global distribution agreement in wines and spirits signed in 1987, which brought him a quarter of his profits, or more than 1 billion francs. Anthony Tennant, the head of Guinness, was convinced that he had no chance of succeeding alone in making a strong entry into LVMH due to the nationalist reactions of the French public and authorities, for whom the luxury group is part of the national heritage. With Chevalier's endorsement, Arnault would have argued that he had the support of the public authorities and that the most effective way to enter LVMH was to partner with him. This was confirmed by his own advisory bank, which was none other than... Lazard Brothers in London."

"Above all, a few days before the meeting, LVMH's stock has once again soared on the stock exchange. Who is buying? Racamier started it. Immediately, Arnault reacted by taking 10% of the capital. He brings out the big guns in the face of his rival's rifle. "It was an attack, it was entirely legitimate that we respond without delay," explained the CEO of Dior to justify this investment of 4.1 billion francs made in three days, without his partner Guinness being consulted, contrary to the terms of their agreement, which will provoke the anger of Anthony Tennant, forced to finance 40%. The Englishman is starting to think that young Arnault is exaggerating. But can he go so far as to endanger the global distribution agreement between the two groups? Not really. And the presence of Alain Chevalier helps to calm him down."

"His most difficult appointment takes place in the evening, during a dinner with Anthony Tennant. The dispute between the two men is considerable. Tennant was on the verge of betraying Arnault in recent days. Each of them, one after the other, had solo purchased LVMH shares, in violation of their agreements that bind them within Jacques Rober. For this, Tennant had even threatened Arnault with legal action by letter. And Arnault, for his part, had stopped the last attack by brandishing the accusation of insider trading to the administrators. The dinner continues until 5 am, in the small light of dawn: unheard of for an early riser like Arnault! This shows the importance, for him, of this negotiation. The agreement finally reached provides that Guinness will increase its stake in Jacques Rober from 40 to 45% and will have a seat on the LVMH board. A masterstroke: Arnault secures an additional 5% of his financing without losing an ounce of his power."

"On the eve of autumn, Anthony Tennant is embarrassed. Certainly, the agreements of July 8 have allowed him to strengthen his positions in LVMH and especially in Moët-Hennessy, to which he is linked by a vital distribution agreement. But is the alliance with Bernard Arnault really reliable? Two nights (July 6 and 7) were too short to give birth to "Jacques Rober". The terms of the contract seem increasingly ambiguous as the days go by. Wasn't the Briton naive? And he remembers a banker's joke: "Jacques Rober is JR, the villainous hero of the Dallas series." For Bernard Arnault, the agreements are clear: the two parties are associated for at least three years within Jacques Rober, with 60% for Bernard Arnault and 40% for Guinness, with the aim of acquiring 30% of LVMH, except for "unforeseen circumstances". Each party agrees not to buy outside the joint structure without prior consultation. In other words, it is possible to pick up shares provided that one's partner has been informed, but without waiting for their response. The Briton is worried. Aren't there two possible interpretations? Can't Arnault buy more easily than Guinness? What is an "unforeseen circumstance"? What will happen beyond the 30% threshold? And above all, if Guinness wants to sell its stakes before the three-year deadline, it will only be compensated for 80% of the value of its shares. The terms of the "largely interpretive" agreement reduce Anthony Tennant's room for maneuver."

"A few hours later, Anthony Tennant and his Lazard Brothers20 and Indosuez bankers meet with the Dior president and his loyalists, Robert Léon and Pierre Godé."

"This power move greatly displeases Anthony Tennant. As a partner within Jacques Rober, he was informed of the acquisitions at the last minute and had to give his agreement within two hours. A little short for an operation that amounts to over 3 billion francs and of which he must finance 40%!"

"So, at 5 am, he concludes an agreement. Anthony Tennant obtains a seat on the new board of directors of LVMH and increases his stake in "Jacques Rober" to 45%. Concession, says Bernard Arnault. Joke, comment the detractors of the young wolf who quip, "Arnault has found 45% of his financing." But Arnault retains what is crucial for him, the exit"