French billionaire Bernard Arnault has sold his entire stake in France based retail distribution and supermarket group Carrefour SA (PA: CARR). Arnault pumped in his first investment in the retailer 14 years ago.
Through his investment vehicle, Financiere Agache Holding, Arnault held 5.7% stake in Carrefour. Sale of the entire stake in an accelerated book building process amounted to $854 million (724 million pounds).
Financiere Agache sold its stock at 16 euros per share, moments after the sell, the price of the stock plunged by around 5%.
In recent times, the company has been going through multiple restructuring measures, stakeholders of the company have been smiling all the way to the bank courtesy of an increase in business due to the pandemic.
Arnault was among the three biggest shareholders in the company including Brazilian businessman Abilio dos Santos Diniz and the Moulin family.