LVMH: The Arnaults plan to merge their holdings and prepare an offer for Christian Dior

Project for the absorption of Agache and transformation into a limited partnership with share capital

The Board of Directors of Christian Dior announced on September 23, 2026 that it had taken note of a project being studied by the Arnault family group, comprising three components. It first provides for the simplification of structures controlling LVMH Moët Hennessy Louis Vuitton, by means of the absorption of Financière Agache by Agache, then of Agache by Christian Dior.
Christian Dior would be simultaneously transformed into a limited partnership with share capital and renamed Agache SCA, with Agache Commandité and Bernard Arnault as managing partners, the latter retaining the status of manager.

These operations would be subject to approval by the governing bodies and in particular by an extraordinary general meeting of Christian Dior, which would be called to vote in late 2026. Following these operations, control of LVMH would be exercised within a single company, listed on Euronext Paris, holding a direct stake in LVMH of 49.76% of capital and 65.55% of voting rights. The limited partnership form, adopted by the Arnault family in 2022, would thus be maintained.

Project for a public withdrawal offer with no compulsory withdrawal in the first quarter of 2027

The transformation of Christian Dior into a limited partnership with share capital would result in the filing of a public withdrawal offer, settled entirely in cash, initiated by the Arnault family group on the shares it does not hold, representing 2.44% of capital as of the date of the press release. This offer would not be followed by a compulsory withdrawal.

The Arnault family group intends to propose a price equal to 95% of the revalued net asset value of Christian Dior, calculated on a transparent basis from the one-month average price of the LVMH share.

As an illustration, this would have resulted on the date of the press release in a price of €469.05 per share, corresponding to a theoretical premium of 21.6% over the one-month average price and 12.5% over the three-month average price of the Christian Dior share. An ad hoc committee would be established within the Board of Directors of Christian Dior and an independent expert would be appointed to draw up a report on the fairness of the financial terms of the offer. The draft offer would be filed with the AMF following the extraordinary general meeting in December 2026, with the opening of the offer period scheduled for the first quarter of 2027 subject to the AMF's compliance decision.