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Byline: Karen Lowry Miller
Not so long ago Jean-Marie Messier and Bernard Arnault seemed to have much in common. Both CEOs were using buoyant stock prices to buy out rivals and expand their French empires worldwide. They served on each other's boards. Yet Messier, a civil servant with the right pedigree for a French corner office, borrowed heavily to turn the Vivendi waterworks into a global media empire, capped by the purchase of Universal Studios in Hollywood. The strategy failed, and Messier is out of work. Arnault was born into the family real-estate business and built it into Louis Vuitton Moet Hennessy, spending its billions only on small fashion houses ...