Nestle SA said on Tuesday it would cut its stake in L'Oreal to about 20% by selling shares worth 8.9 billion euros ($10.03 billion) back to the French cosmetics brand, as the Nescafe maker sharpens its focus on its core food and beverage divisions.
to about 20% by selling shares worth 8.9 billion euros back to the French cosmetics brand, as the Nescafe maker sharpens its focus on its core food and beverage divisions.
L'Oreal, which is paying 400 euros per share, said the deal will have an accretive effect on the company's earnings per share of more than 4% in a full year.L'Oréal stock ended Tuesday up 3.96% at 424.8 euros while Nestle gained 0.1% to 121.9 Swiss francs. Nestle said it would terminate its current share repurchase plan by the end of the year, having bought back shares for 12.7 billion Swiss francs or almost two-thirds of the program volume.its readiness to buy Nestle's 23% stake if the Swiss shareholder was to sell it.
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