Nestlé and Bettencourt to Extend L'Oreal Deal
Both Nestle and Bettencourt own roughly 30 percent stakes in the world's biggest cosmetics company and speculation has existed over what Nestle might do with its stake when a shareholder pact expires on April 29.
10/04/09 Nestle and France's Bettencourt family have said on they will continue to work together on cosmetics company L'Oreal after a shareholder pact expires on April 29.
On 3 February 2004, the Bettencourt family and the Nestlé company signed an agreement organising their relationship and the management of their stakes within the L’Oréal company.
The agreement is public and remains unchanged. It foresees the non-transferability of their respective stakes in the capital of L’Oréal until 29 April 2009, the other clauses (in particular, limitation cap, pre emption, escrow, prohibition on constituting a concert with any third party, formation of the board of directors and of the strategic and realisation committee) continue to be effective until the due date mentioned in the 2004 deed.
In a joint statement The Bettencourt family and the Nestlé company said they will continue acting in concert towards the L’Oréal company beyond 29 April 2009.
Both Nestle and Bettencourt own roughly 30 percent stakes in the world's biggest cosmetics company and speculation has existed over what Nestle might do with its stake when a shareholder pact expires on April 29.
