LVMH boss steps down at Vivendi

BELEAGUERED Vivendi Universal boss Jean-Marie Messier suffered a fresh blow today when France's best-known businessman, Bernard Arnault, resigned from the board of the media conglomerate.

Messier was expected to come under pressure to quit at a key meeting of the board today as the group struggles to raise cash to reduce its e17bn (£11bn) debt and halt its share price plunge.

Arnault, chairman of luxury goods group LVMH, declined to explain his decision to step down as a non-executive director.

Vivendi director Marc Viénot, meanwhile. has acknowledged that Messier has lost credibility with the markets. Doubts are mounting about Messier's strategy of restoring the group's fortunes by raising e1.4bn by selling 12.7% of utility subsidiary Vivendi Environnement ahead of a placing and rights issue.