October 20, 2017 / 8:09 AM / 2 months ago

L'Oreal CEO foresees no changes in the shareholding of the company

PARIS (Reuters) - L‘Oreal (OREP.PA) Chief Executive Jean-Paul Agon said on Friday he did not foresee changes in the shareholding structure of the French cosmetics group following the death of major shareholder Lillian Bettencourt last month.

Jean-Paul Agon, Chairman and Chief Executive Officer of cosmetics company L'Oreal arrives for the funeral ceremony for French businesswoman and billionaire Liliane Bettencourt in Neuilly-sur-Seine near Paris, France, September 26, 2017. REUTERS/Charles Platiau

Asked whether the company’s shareholding structure was likely to change in the coming months, Agon said: “Nothing has changed...I do not foresee changes in the shareholding of L‘Oreal,”

The death of billionaire Bettencourt raised questions over how L‘Oreal’s founding family and major shareholder Nestle (NESN.S) would manage their stakes in the world’s biggest cosmetics firm.

Bettencourt’s family owns 33 percent of L‘Oreal. Nestle retains a 23 percent stake in the company.

Agon would not say if there were discussions ongoing with Nestle.

Reporting by Sarah White, Writing by Dominique Vidalon; editing by Richard Lough

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