Friday 18 April 2014

France's second richest man buys €35m FBD unit

Billionaire Francois Pinault, one of France's wealthiest tycoons, has bought FBD's Abbey Reinsurance business in a deal worth €35m.

Mr Pinault, who is a close friend of former French president Jacques Chirac, is estimated to be the 67th richest man in the world with a fortune that has been put at over $11.5bn.

The Pinault assets have ranged from hipster sneaker company Converse to Christie's auction house and the Samsonite luggage firm.

Pinault's Groupe PPR, which bought the FBD business, also owns designer fashion house Gucci and sports brand Puma, as well as diverse financial services interests. Groupe PPR is run by Pinault's son Francois Henri, who is married to Hollywood star Salma Hayek.

FBD has indicated that it will use the proceeds from the sale for working capital and that the disposal would have no "material" impact on earnings.

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