Chateau Latour sale rumour

Château Latour is thought to be on the market. Speculation about the Pauillac first growth property’s future has emerged following reports that owner François Pinault has seen his other business interests hit hard by the economic downturn.

Although the sale of Latour is denied by Pinault’s holding company Artemis, it is thought that French investment bank Lazard is looking for a buyer. In particular, Bernard Magrez’s name has been linked to these rumours. Magrez is the owner of Château Pape Clément, currently the flagship of his portfolio, which includes 35 wine estates around the world.

Among Pinault’s other business interests are the luxury goods group PPR, which includes Gucci, the construction company Vinci and Christie’s auction house, all of which have seen their share prices fall in the past year. Rumours have also circulated recently that Pinault has plans to sell Christie’s as well.

Both Latour and Magrez were unavailable for comment. However, in a recent interview, Magrez was open about his interest in acquiring further properties, commenting: “I look for properties mainly within the Médoc, which are Grand Cru Classé and have a good image in the top seven export countries in the world”. The full Magrez interview will be available to read in the February edition of the drinks business.

Gabriel Savage 07.01.09