L\'Oréal CEO fuels speculation over Nestlé deal

Published: 2-Sep-2013
Finance

French cosmetics giant will be ready to buy out Nestlé stake in 2014, says Agon

L\'Oréal CEO fuels speculation over Nestlé deal

L'Oréal will be ready to buy Nestlé's 29.5% stake in L'Oréal next year, CEO Jean-Paul Agon has told French publication Les Echos. The newspaper quoted Agon as saying the French cosmetics giant would have the means to buy Nestlé's holding from April 2014, when a ten year mutual right of first refusal with L'Oréal's founding Bettencourt family expires, which will allow the Swiss food group to sell. Agon estimated the value of Nestlé's holding at around €22bn.

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