Worms Bank

"It is better to deal with God than with his saints. The Moët-Hennessy clan reacts like Chevalier: since Racamier opened the door to Arnault, they might as well deal directly with him! A royal path thus opens up before the boss of Financière Agache. Especially since David Dautresme recovers 12% of the capital of LVMH, just by making a few phone calls. These securities are, in fact, in the hands of the six investors to whom the OBSA issued by Moët-Hennessy in 1987 had been placed. Since then, these securities have discreetly remained parked in these six parking lots: UAP, Caisse des dépôts, Crédit agricole, Worms Bank, BNP and... Lazard, lead manager of the operation. Dautresme is thus negotiating with these establishments the conditions for the sale of these OBSA to Bernard Arnault. But the sellers must not appear, as it was stipulated that these securities had to be placed in the general public. Also, once the terms of the transaction are agreed upon, they will be invited to go through a discreet Belgian-Luxembourg intermediary, Belmavobel International Securities."

"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."