By Inti Landauro
PARIS--French luxury giant LVMH Moet Hennessy Louis Vuitton (MC.FR) has bought a 9.5% stake in debt-ridden Madrigall, the holding company controlling prestigious family-owned French publisher Gallimard, an LVMH spokesman said Wednesday.
The luxury group paid between 25 million euros ($34 million) and EUR30 million for the stake, Les Echos newspaper reported Wednesday. The newspaper is owned by LVMH.
The Gallimard family will maintain control of the publishing group, which holds the rights for famous French authors such as Albert Camus and 2008 Nobel Prize winner J.M.G. Le Clezio. LVMH agreed to keep its stake below 15%, the newspaper said. Antoine Arnault, the son of LVMH's chief executive, will become a board member at Madrigall.
No officials at Gallimard were available for comment.
The holding company is struggling with a EUR200 million debt linked to the acquisition of Gallimard's rival Parisian publisher Flammarion in 2012, the newspaper said.
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