PARIS: Nestle SA said it would cut its stake in L’Oreal to about 20% by selling shares worth €8.9bil (US$10bil or RM42.23bil) back to the French cosmetics brand, moving to reduce the weight of the beauty giant on its books for the first time in seven years.
The Nescafe maker’s holding in the beauty giant has been subject of intense scrutiny over the years, and the Swiss company has maintained its interest was both financial and strategic, even when activist investor Third Point urged disposal in mid 2017. Since then, L’Oreal shares have more than doubled.
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