to about 20% by selling shares worth 8.9 billion euros back to the French cosmetics brand, moving to reduce the weight of the beauty giant on its books for the first time in 7 years.
Seeking to reduce the weight of its L'Oreal holding while maintaining a level above 20%, allowing it to consolidate the investment on accounts, Nestle approached L'Oreal two months ago, kicking off a flurry of negotiations that involved chairmen of both companies, according to a source with knowledge of negotiations.Following the deal, Nestle said it would own 20.1% of L'Oreal, down from 23.3% previously.
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.
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