Prospect Of L’Oreal Share Buyback Excites Investors
This article was originally published in The Rose Sheet
Executive Summary
Sanofi SA has the cash to buy back about $12 billion worth of shares in its company that are currently owned by French beauty firm L’Oreal, if those shares were up for sale, Sanofi CEO Viehbacher says during Sept. 13 conference. L’Oreal CEO Agon suggested in recent earnings call that his firm could seek cash for future deals through the sale of its 9% stake in Sanofi.
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Galderma will be the “foundation” of a new division to be called Nestle Skin Health SA, said Nestle Chairman Peter Brake-Letmathe. L’Oreal will give Nestle its 50% stake in Galderma and $4.6 billion in cash to buy back 8% of its own stock from Nestle.
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