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L'Oréal Finalizes Nestlé Deal
Posted: July 8, 2014
- the acquisition of 48,500,000 L’Oréal shares (8% of its share capital) owned by Nestlé (the L’Oréal shares acquired have been immediately cancelled),
- and the disposal of its 50% ownership in Galderma to Nestlé.
Additionally, the number of Nestlé representatives on L’Oréal’s board of directors is reduced from three to two following the resignation of Paul Bulcke, and the ownership ceiling provisions of the shareholders’ agreement between Nestlé and the Bettencourt Meyers family now apply to their respective new holdings.
The transaction will be accretive by more than 5% on L’Oréal earnings per share on a full year basis.