French billionaire Bernard Arnault will buy out fashion company Christian Dior (CDI) for $13.16 billion. The transaction will allow for luxury group LVMH (MC - Get Report) to buy the Christian Dior Couture brand and hold them for 6.5 billion euros. The Arnault family already owns 74.1 percent of the designer brand, but the new deal is offering to by the remaining 25.9 percent it doesn't own. Since the deal was announced, shares in Christian Dior went up 12 percent.
Read Full Article: LVMH Shares Top Paris Market After Christian Dior Buyout Deal