Jean-Louis Masurel

"The two men go up to the sixth floor to check the press releases that have been prepared. Arnault eliminates without hesitation the one that pays a strong tribute to the previous management in favor of the more sober one, which nevertheless briefly praises Alain Chevalier and Jean-Louis Masurel. Masurel? That's too much for Arnault, who crosses out the sentence with a stroke of a pen: it's not good to come from a prominent family in the north. Arnault hates Masurel, whom he has always perceived as condescending towards him. On the other hand, next to "Bernard Arnault, elected...", he adds: "unanimously". And it will take Racamier's communication services to insist that Arnault finally accept his title of vice-chairman of the executive board in the final press release."

"The threat of a raid is becoming increasingly clear. Alain Chevalier and Jean-Louis Masurel call on Bruno Roger for help. Together, they reflect on different means of deterrence and decide on an issuance of bonds with subscription warrants for shares (OBSA) on the eurofranc market. Shareholders waive their preferential subscription rights in favor of potential foreign investors whose names they don't even seek to know. The issuance is launched in mid-March 1987 under the direction of David Dautresme, managing partner of Lazard. The bank on Boulevard Haussmann takes the lead of the banking pool which includes Crédit Lyonnais, BNP, and Crédit Suisse-First Boston. Each bond, worth 10,000 francs, is accompanied by 18 warrants allowing subscription to Moët-Hennessy shares at 2,720 francs until April 1990. The bonds and warrants are listed separately. In total, the operation ultimately yields nearly 4 billion francs and potentially represents 18% of the group's capital."