Hearst bids for Lagardère

French conglomerate Lagardère is to sell over 100 magazine titles to the publisher of Cosmopolitan for €651m (£560.6m), part of a turnaround strategy for the aerospace-to-media group.

Yesterday’s deal with US-based Hearst came as Lagardère shares fell more than three per cent on news of a formal investigation into an insider trading scandal, and as chief executive Arnaud Lagardère sought to reassure investors the row would not deflect him from his recovery plan.