L'Oréal has finalised the buyback of an 8-per-cent stake from Swiss food group Nestlé in a deal that will boost earnings per share by more than 5 per cent on a full-year basis, the French cosmetics giant said on Tuesday.
L'Oréal also stated that it had completed the disposal of its 50-per-cent stake in Galderma to Nestlé and that the number of Nestlé representatives on the L'Oréal board was reduced from three to two directors.
Galderma is a pharmaceutical company that specialises in the research, development and marketing of dermatological treatments, and was formed in 1981 as a joint venture between Nestlé and L'Oréal. The company, headed by president & CEO Humberto C. Antunes, has 33 affiliates in 80 countries, with a worldwide network of distributors, and employs more than 5,000 people. The parent company is based in Lausanne, Switzerland, with corporate services in Paris La Défense, France.
© 2014 European Supermarket Magazine by Peter Donnelly
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