Qatar holds $914m stake in French luxury retailer

Qatar Holding amasses 1.03% stake in LVMH Louis Vuitton Moet Hennessy
Qatar holds $914m stake in French luxury retailer
By Andy Sambidge
Fri 16 Mar 2012 11:57 AM

Sovereign wealth fund Qatar Holding has built up a stake of more than one percent in French luxury goods group LVMH Louis Vuitton Moet Hennessy.

Qatar Holding holds a 1.03 percent interest in the company, the French company said in a legal filing cited by Zawya Dow Jones.

Based on LVMH's share price of EUR135, the stake is worth around EUR699m ($914m). Qatar Holding declined to comment, it reported.

Qatar's investment firms have been on a buying spree in France in recent months, including the purchase of football team Paris Saint-Germain.

Qatari funds have also bought 10 percent of French media company Lagardere and 5.6 percent of construction giant Vinci.

Earlier this week it was reported that Qatar had a two percent stake in oil group Total.

The wife of the Qatari emir bought a controlling stake in French handbag maker Le Tanneur & Cie in May last year while the Gulf state also has an interest in London department store Harrods.

Qatar Holding's investment in LVMH made it the sixth-largest shareholder, the report said.

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