Jump to content

Geo News Blog

  • entries
    149,373
  • comments
    28
  • views
    205,543

ADMIN

162 views

l_160365_021732_updates.jpg
160365_6663699_updates.jpgFrench Prime Minister Edouard Philippe attends the questions to the government session at the National Assembly in Paris, France, September 26, 2017. REUTERS/Stephane Mahe
 

PARIS: France?s prime minister said on Thursday he would look very carefully at any attempted ownership change at L?Oreal especially if an international investor sought to buy the world?s biggest cosmetics firm.

The death of billionaire Liliane Bettencourt on September 21 has focused attention on how L?Oreal?s founding family and major shareholder Nestle would manage their stakes in the company.

Bettencourt?s family owns 33 percent of L?Oreal. Relatives including her daughter have managed the stake for several years since a court found she was suffering from a form of dementia.

Nestle retains a 23 percent stake in the company. It has said it has no intention to sell its stake.

?We will be attentive,? Edouard Philippe told France 2 television when asked how he would react if the company were to be subject to an overseas bid.

?I don?t know if it can be described as a strategic asset,? he said. ?Without a doubt, it?s an extremely important asset so I will be very mindful.?

In the wake of Bettencourt?s death, a 43-year-old agreement between the family and Nestle not to increase their stakes will expire after six months. There were no restrictions on reducing the stakes.

Bettencourt?s only daughter, Françoise Bettencourt-Meyers, who sits on L?Oreal?s board with her husband and one son, has said the family remained committed to L?Oreal and its management.


0 Comments


Recommended Comments

There are no comments to display.

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Add a comment...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...