GENEVA, Dec 8 — Swiss food giant Nestle on Tuesday said it was reducing its stake in French cosmetics group L’Oreal, selling shares worth €8.9 billion .
L’Oreal said in a separate statement that it would cancel the shares, which represent four per cent of its capital. It added that the stake of L’Oreal’s Bettencourt Meyers family shareholders will rise from 33.3 per cent to 34.7 per cent.
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