The Swiss food giant, Nestlé, announced on Tuesday that it was reducing its stake in L'Oréal, by selling the French cosmetics group its own shares for 8.9 billion euros.
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L'Oréal will cancel the repurchased shares, specifies the Nestlé press release, adding that it continues to fully support L'Oréal's value creation strategy and will keep its two seats on the Board of Directors of the French company.
The 22.26 million L'Oréal shares were sold for 400 euros each (the title had closed at 391.90 euros on Tuesday on the Paris stock exchange).
