French firms rally to reconstruct Notre Dame cathedral

|About: L'Oréal S.A. (LRLCF)|By:, SA News Editor

Donors have pledged more than €700M ($790M) so far for the reconstruction of the fire-damaged Notre Dame cathedral in Paris, with many of France's wealthiest individuals and companies rallying to the cause.

France's richest person, Bernard Arnault, who heads LVMH Moet Hennessy Louis Vuitton (OTCPK:LVMHF), said his family and the company it controls would contribute €200M, while François-Henri Pinault, who controls Kering (OTCPK:PPRUF) - its brands include Gucci and Alexander McQueen - said his family would give €100M to Notre Dame's reconstruction fund.

L'Oreal (OTCPK:LRLCF) said the company, top shareholder Bettencourt Meyers family and the Bettencourt Schueller Foundation would donate a combined €200M, and oil giant Total (NYSE:TOT) would give €100M, CEO Patrick Pouyanne said.

The donations will be needed as the structure likely had no insurance coverage; the cathedral is owned by the French government, which tends not to by coverage for its properties, insurance experts say.

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