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Nestlé reduces its stake in L'Oreal

It will collect € 8.9 billion

Nestlé will reduce its L'Oreal stake to 20.1% from 23.3% after it sells 22.26 million shares back to the French beauty company. L'Oréal will pay €400 per share with a combination of cash and debt, with a total consideration of EUR 8.9 billion (CHF 9.3 billion).

Nestlé first became a shareholder in L'Oreal in 1974. In 2014, the company reduced its holdings in the company from 33% but has retained its shares until now despite pressure from activist investor Third Point.

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EFA News - European Food Agency