It is Mr Arnault's latest move in an attempt to derail the proposed deal

It is Mr Arnault's latest move in an attempt to derail the proposed deal. He has agreed not to increase his 14 per cent in Guinness after recently selling a 7 per cent stake in the group.But by taking a stake in GrandMet he hopes to strengthen his bargaining power in an attempt to force GrandMet and Guinness to consider a proposal to merge their spirits divisions with LVMH's drinks subsidiary Moet Hennessy."If he takes a stake in GrandMet he can cause a fuss and lobby for a merger of all three companies spirits divisions," said one analyst.Others see this as a classic tactic from the outspoken Frenchman designed to make a profit for his shareholders."Arnault is trying to put the wind up people and hedge his bets at the same time. "It was thought it would be more convenient for all concerned," said Ian Burton of Burton Copeland. "It is a perfectly normal procedure." An earlier hearing of the case was also adjourned to give Mr Regan's legal team more time to prepare their case.The case against Mr Regan and his business partner David Lyons, is for allegedly "aiding, abetting, counselling or procuring" the theft and for handling stolen property."Both Mr Regan and Mr Lyons have said they will defend the charges "vigorously."At the initial hearing last month, Allan Green, the Co-op's former head of retailing, was the only one of the three defendants to attend the court All three had been due to attend today.. Bernard Arnault, the combative chief executive of the French champagne- to-luxury luggage group LVMH, increased the pressure on the pounds 23bn Guinness- Grand Metropolitan merger yesterday when he paid pounds 27.4m for a 0.23 per cent stake in GrandMet. It will heard in the City of London Magistrates Court as planned previously.

Lawyers representing Mr Regan, whose pounds 1.2bn break-up bid for the Co- op failed in April, said nothing should be read into the adjournment. He inherited a company losing pounds 14m a week at the time of the merger of Sky and BSB. It now has operating profit in excess of pounds 300m," he said.It has been an open secret in the industry for some while that Mr Chisholm suffers from asthma, and would be forced to take a back-seat role sooner or later.Sources say that Mr Murdoch came to London last week, and finalised the terms of Mr Chisholm's departure. However, Mr Chisholm is thought to have started discussions to negotiate his way out of his contract some months ago.. A court hearing of the Co-operative Wholesale Society's private prosecution against Andrew Regan, which was due to take place today, has been adjourned to give lawyers more time to get their papers together The hearing was adjourned by mutual agreement until 3 July. He added that Mr Chisholm will remain a director of the company and Mr Chance is to continue as a consultant.Mr Chance emphasised that he would be helping BSkyB switch from analogue to digital, and denied that the news would unduly destabilise the company.

He said: "Sky's future is tremendously exciting with the launch of the digital initiative." Meanwhile, he paid tribute to the chief executive's work at the company "Sam has been instrumental in Sky's success story. The company needs someone who has that absolute conviction."But Derek Terrington, media analyst at Teather & Greenwood, said departures were fairly common in Murdoch's empire. He added: "Any multiple departure has to be a bit devastating but departures at News Corp are not unusual." Mr Terrington was less bothered than most about Mr Booth's appointment, saying he had confidence in Mr Murdoch's decisions on personnel.Mr Chance, who joined BSkyB eight years ago, said that even though he has often been viewed as Mr Chisholm's heir apparent, he declined to be considered for the role. Sky is going through a demanding period in the run-up and transition from analogue to digital. BSkyB, in conjunction with Carlton Communications and Granada Group, has bid for the chance to control digital terrestrial television.Mathew Horsman, media analyst at Henderson Crosthwaite, said: "This is the end of an era in British broadcasting. It's a bit of a double whammy for Sky to lose the chief executive and his deputy on the eve of the digital revolution." Another analyst, who declined to be named, commented: "This will have a dramatic impact Sam Chisholm has been a clear driving force. Speculation is mounting that she will take Mr Chance's role in January next year.The timing of the announcement puzzled many in the industry, coming as it did only weeks before the Independent Television Commission's decision on the digital terrestrial television licences.