L'Oreal CEO says ready to buy out Nestle stake in 2014
PARIS (REUTERS) - L'Oreal will be ready to buy Nestle's 29.5 per cent stake in the French cosmetics giant next year, French daily Les Echos reported, citing L'Oreal chief executive Jean-Paul Agon.
The newspaper quoted Mr Agon as saying L'Oreal would have the means to buy the Swiss food group's holding from April 2014, when a 10-year mutual right of first refusal with L'Oreal's founding Bettencourt family expires, allowing Nestle to sell.
Mr Agon told the paper the French group would be ready to buy Nestle's holding, valued at around 22 billion euros (S$37.6 billion), according to a front-page excerpt of Les Echos' Friday edition made available late on Thursday.
Nestle said this week it wanted to keep all options open regarding its L'Oreal stake.