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L'Oréal's board of directors met on Monday, February 10, 2014, to authorize the acquisition by L'Oréal from Nestlé of a block of 48,500,000 L'Oréal shares, representing 8% of its share capital. This acquisition, which was announced on Tuesday, February 11, 2014, was conditioned upon the sale to Nestlé of L'Oréal's holding in Galderma.
This sale was authorized by L'Oréal's board on Thursday, March 20, 2014, after the employee representative bodies of the relevant companies concerned have issued their opinion.
On Friday, March 21, 2014, L'Oréal and Nestlé signed the share purchase agreement; the completion of the sale is conditional upon the approval of the sale by the competition authorities.