World News

Tuesday 22 July 2014

Nestle buys Galderma from L'Oreal

Published 11/02/2014|07:12

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CANNES, FRANCE - MAY 18:  Actress Eva Longoria attends the 'Jimmy P. (Psychotherapy Of A Plains Indian)' Premiere during the 66th Annual Cannes Film Festival at the Palais des Festivals on May 18, 2013 in Cannes, France.  (Photo by Vittorio Zunino Celotto/Getty Images)
CANNES, FRANCE - MAY 18: Actress Eva Longoria attends the 'Jimmy P. (Psychotherapy Of A Plains Indian)' Premiere during the 66th Annual Cannes Film Festival at the Palais des Festivals on May 18, 2013 in Cannes, France. (Photo by Vittorio Zunino Celotto/Getty Images)

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.

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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.

AP

Press Association

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