The battle between management at luxury goods group Gucci and its minority shareholder, LVMH CEO Bernard Arnault, continue, reported Il Sole.

Yesterday Mr Arnault refused to approve the Gucci 2000 balance sheet.

A spokesman for LVMH said there were only two ways to resolve the situation. Either PPR, which has a 42 per cent stake in the group, bids for Gucci or the Dutch court declares the 1999 transaction null and void.

As PPR announced today that it has no interest in making a bid for Gucci, Mr Arnault and LVMH now hope that the Dutch court will intervene.

"In the past two years our intention has always been to find a good solution to the current situation," the spokesman said.