Belgian billionaire Albert Frere has no "concrete" investment
project with French-born businessman Bernard Arnault, whose
decision to apply for Belgian citizenship spurred a nationwide
debate in France over tax policy, Le Figaro newspaper said
Tuesday.
Possible investment projects between the two men were mentioned
as a reason to explain Mr. Arnault's decision to apply for Belgian
citizenship by French media. While left-wing politicians and media
in France have accused Mr. Arnault of leaving for the neighboring
country to dodge French taxes, the chairman and chief executive of
luxury-goods giant LVMH Moet Hennessy Louis Vuitton SA, has said he
will still pay French taxes.
Both businessmen are friends and have known each other for 30
years and are partners in several businesses, the newspaper cited
Mr. Frere as saying.
The Belgian businessman said his friend has no plans to invest
in his holding company Groupe Bruxelles Lambert (GBLB.BT), or GBL.
Mr. Frere, who is 86, said his succession plans have been ready
several years and don't involve Mr. Arnault.
Through GBL, Mr. Frere controls minority stakes in oil company
Total SA (TOT), cement maker Lafarge SA (LG.FR), alcoholic
beverages Pernod Ricard SA (RI.FR) as well as in utilities GDF Suez
(GSZ.FR) and Suez Environnement (SEV.FR).
Newspaper Web site: http://www.lefigaro.fr
-Write to Inti Landauro at inti.landauro@dowjones.com
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