LVMH buys 50% stake in Cheval Blanc

Champagne and luxury goods empire Louis Vuitton Moet Hennessy (LVMH)has bought a 50% stake in St-Emilion's Premier Grand Cru Classé Château Cheval Blanc from billionaire Bernard Arnault sending the share price of LVMH up 10% as the news broke.

The deal also includes a 50% stake in Arnault's company La Tour du Pin, which owns the Grand Cru Classé St-Emilion domaine, Château Quinault L'Enclos.

LVMH already dominates the Champagne market and owns a range of still wines, including Château d'Yquem, Cloudy Bay and Cape Mentelle.