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L'Oreal SA buys back 8 percent of its share capital from Nestle SA

Tuesday, 11 Feb 2014 12:02am EST 

L'Oreal SA and Nestle SA:Say L'Oreal will buy 48.5 million of its own shares (8 percent of its share capital) from Nestle.Say the buyback will be financed partially through the disposal by L'Oreal to Nestle of its stake in Galderma (a 50/50 joint venture between L'Oreal and Nestle) for an enterprise value of 3.1 billion euros (2.6 billion euros of equity value), paid by Nestle in L'Oreal shares (21.2 million shares).The remaining 27.3 million L'Oreal shares held by Nestle will be paid for in cash for an amount of 3.4 billion euros.The price per L'Oreal share is 124.48 euros.All the shares bought back by L'Oreal will be cancelled.Nestle's stake in L'Oreal will be reduced from 29.4 percent to 23.29 percent.The Bettencourt Meyers family's stake will go from 30.6 percent to 33.31 percent.The transaction will be accretive by more than 5 percent on L'Oreal's recurring earnings per share on a full year basis. 

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19 Dec 2014