Shares in Lagardere, the publisher of Paris Match magazine, opened flat on Thursday after big drops in previous days as luxury goods billionaire Bernard Arnault confirmed he was effectively cutting ties with the company's chief executive.

Arnault came to the rescue of Lagardere CEO Arnaud Lagardere in May 2020 with an investment to help fight off an activist fund and mop up personal debts. He has now restructured his holding in the media and publishing group, becoming a straightforward shareholder with 10% rather than an investor in Arnaud Lagardere's personal holding company.

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Lagardere shares were flat in early trading after the move was announced late on Wednesday, after falling over 9% over the past two days on speculation of a restructuring.