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French billionaire to create new art museum in Paris

A French billionaire and art collector has announced the creation of a new contemporary art museum in central Paris.

Francois Pinault described the project as "a dream come true" in a news conference with Paris mayor Anne Hidalgo.

The museum will open by the end of 2018 in the former Bourse du Commerce close to the Louvre museum and the newly-renovated Les Halles shopping complex.

The elegant circular building from the 18th century, crowned by a dome, will be restored by renowned Japanese architect Tadao Ando.

Mr Pinault, who made his fortune in the luxury goods industry, opened a museum in Venice's Palazzo Grassi a decade ago.

He owns one of the world's largest private collections of contemporary art.

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