LVMH, the world’s leading luxury products group, has signed an agreement with Pearson PLC to complete the acquisition of the Les Echos Group.
This agreement was signed following the confirmation earlier today from the Paris Court of First Instance that the process of consultation with the Les Echos works council had been validated.
The agreement between LVMH and Pearson included a series of undertakings relating to editorial independence, staff engagement and employment conditions at the Les Echos Group.
The acquisition will be finalised before the end of the year. In 2006, the Les Echos Group achieved revenues of Euro 126 million and operating results of Euro 10 million.
The Les Echos Group comprises les Echos, the leading economic newspaper in France; les echos.fr, the leading economic website in France; Enjeux, one of the leading economic magazines as well as other specialised financial information services.