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.
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