World's 3rd Richest Man Sells His Stake in Carrefour: Transaction Value Revealed

French billionaire Bernard Arnault has decided to sell his stake in the Carrefour supermarket chain, which accounted for 5.5 percent of the company’s shares. According to Reuters, the sale was valued at 724 million euros.

Following the announcement of the sale, the shares of the French company have been gradually depreciating, currently losing 6 percent of their value.

The richest man in Europe, who is also the founder and CEO of LVMH, is the third richest person in the world. According to Forbes, his net worth is estimated at 185 billion dollars. Arnault acquired his stake in Carrefour in 2007, paying 3.4 billion dollars for a 9.1 percent share. Gradually, he increased his stake to 16 percent.