Nestle buys Galderma from L'Oreal
Swiss food and drink giant Nestle and French cosmetics company L'Oreal have approved a deal to transfer ownership of Swiss dermatology pharmaceuticals company Galderma.
The companies say L'Oreal will buy 48.5 million of its own shares, or 8% of its share capital, from Nestle and give Nestle its 50% stake in Galderma, which has been a 50/50 joint venture between them.
Under the deal, which is subject to regulatory approval, the companies said Nestle's stake in L'Oreal will be reduced from 29.4 to 23.29% of the share capital and the Bettencourt Meyers family's stake in L'Oreal will increase from 30.6 to 33.31%.
Nestle says it is creating a new unit, Nestle Skin Health, that will be run by Galderma's management.