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Bettencourt family says no plans to sell L'Oreal stake
August 22, 2013 / 11:32 AM / 4 years ago

Bettencourt family says no plans to sell L'Oreal stake

PARIS, Aug 22 (Reuters) - France’s Bettencourt family said it had no plans to sell its stake in L‘Oreal amid rekindled interest in the shareholding structure of the world’s largest cosmetics group.

The family owns 30.50 percent of L‘Oreal’s capital while Nestle, the world’s biggest food group, has 29.50 percent.

A 10-year agreement between the two on a mutual right of first refusal on their stakes expires in April 2014, a deadline that has fuelled speculation about whether one or other of them might sell.

“The family wishes to reiterate its long-standing commitment to L‘Oreal and to confirm that no disposal of its shares is being contemplated,” the Bettencourt family said in an emailed statement issued late on Wednesday.

Nestle has said it would not decide on the future of its stake before 2014.

At 1128 GMT, L‘Oreal shares gained 1.2 percent to 127.1 euros, slightly outpacing the CAC-40 index of French blue chips , which was up 1 percent. (Reporting by Pascale Denis and Dominique Vidalon; Editing by John Stonestreet)

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