As part of L’Oréal's share buyback program, it is repurchasing 22.26 million of its shares—representing 4.0% of its capital—held by Nestlé.
The unit price of the L’Oréal share for this transaction is 400.0 euros. The total price paid to Nestlé will amount to 8,904 million euros.
All the shares repurchased by L’Oréal will be exclusively purchased for cancellation purposes and will be canceled, at the latest on August 29, 2022. At the end of the transaction and after the cancelation of the repurchased shares, Nestlé’s stake in the capital of L’Oréal will be reduced from 23.3% to 20.1%
Jean-Paul Agon, chairman of the board of directors of L’Oréal, said: “This transaction with Nestlé is in the interest of the company and all of its shareholders. It constitutes a new strategic milestone in reinforcing the shareholder stability of L’Oréal around the Bettencourt Meyers founding family and Nestlé.”
Nicolas Hieronimus, CEO of L’Oréal, said: “We are delighted to continue the development of L’Oréal with the support of the Bettencourt Meyers family and Nestlé.”