LVMH today sold its remaining 11,565,648 Gucci shares to Credit Lyonnais following the agreement with Gucci and PPR concluded on 9 September 2001.
LVMH had obtained at that time a guarantee from Credit Lyonnais relating to the commitment made by PPR to launch a full public offer for Gucci at 101.50 US dollars per share.
LVMH immediately receives 1,147 million Euros from this sale, enabling it to realise a significant capital gain this year. At the same time, the rights relating to PPR's commitment to make a public offer for Gucci in March 2004 are transferred to Credit Lyonnais.
On 22 October 2001, LVMH sold 8.4% of Gucci's capital for approximately 900 million Euros. In addition, LVMH received an exceptional dividend of 7 US dollars a share on its Gucci holding, or a total of 90 million Euros, on 14 December 2001.