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    Home»Deals & Transactions»L’Oreal up 1.4% after Nestle’s plans to sell $10 billion worth of shares
    Deals & Transactions

    L’Oreal up 1.4% after Nestle’s plans to sell $10 billion worth of shares

    December 8, 2021Updated:December 8, 20211 Min Read
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    L'ORÉAL PRODUCTS PHOTOGRAPHED AT THE L'ORÉAL HEADQUARTERS IN PARIS FOR BLOOMBERG BYLAURA STEVENS ON 12 MARCH 2020
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    L’Oreal shares opened up 1.4% Wednesday after Nestle said Tuesday it would cut its stake in the French cosmetics giant to about 20% by selling shares worth 8.9 billion euros ($10.05 billion).

    Following the deal, Nestle said it would own 20.1% of L’Oreal, down from 23.3% previously. L’Oreal, meanwhile, would buy back shares representing 4% of its capital and cancel them at the latest on Aug 29.

    As a result of the transaction, which is expected to close in the coming days, the Bettencourt Meyers family, will see their stake rise to 34.7% from 33.3%, but will not be required to launch a takeover offer, as normally required for passing ownership thresholds above one-third of the capital.

    Read more/Source: Reuters

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