L'Oreal buys 8% stake back from Nestle
Tuesday 11 February 2014
L’Oreal is buying back an 8 per cent stake in itself from Swiss consumer goods giant Nestlé for 6.5 billion euro (£4 billion), as the beauty firm’s French founders take a greater holding in the company.
The Bettencourt Meyers family, the descendants of L’Oréal’s founder Eugène Schueller, is increasing its stake in the business from 30.6 per cent to 33.31 per cent.
L’Oréal’s chief executive Jean-Paul Agon said: “L’Oréal will benefit from a reinforced presence from the founding Bettencourt Meyers family.
“This transaction represents a very positive strategic move for L’Oréal, its employees and its shareholders.”
L’Oréal is also selling its stake in joint venture pharmaceuticals company Galderma, valued at €3.1 billion, to Nestlé. Nestlé’s chairman Peter Brabeck-Letmathe said the Galderma acquisition would allow it to “expand its activities to medical skin treatments”.
The business will form the basis of a new division at the Swiss giant, Nestlé Skin Health SA.
- 1 Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
- 2 Venezuela Expo Tattoo 2015: Extreme body art from 'Vampire Woman' to 109mm earlobes
- 3 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 4 Dad attempts revenge on teenage daughter, plan backfires spectacularly
- 5 Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
King Abdullah dead: We can't afford not to hold Saudi Arabia's royals to account
iJobs Money & Business
£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...