Michel Zaoui
Strategic Concepts & Mechanics
Primary Evidence
"But most importantly, on that same day, Domenico De Sole pulled an incredible rabbit out of his hat. Gucci announced the immediate issuance of 20 million new shares, exclusively reserved for employees, which reduced LVMH's stake from 34.4% to 25.6%! Called ESOP (Employee Stock Ownership Plan), this "employee share ownership plan" is a diabolical invention that uses the inexhaustible resources of Dutch corporate law to prevent LVMH from imposing its views without taking majority control of Gucci. Michel Zaoui, head of mergers and acquisitions in Europe for Morgan Stanley (the advisory bank for Guinness against Bernard Arnault), came up with the idea."
"Time is running out. Domenico De Sole and Michel Zaoui from Morgan Stanley know how fragile the more or less fictitious allocation of shares to employees is, which reduces LVMH's stake in Gucci from 34.4% to 25.6%."