Nestlé cuts L’Oréal stake to 20%

Nestlé is reducing its stake in L’Oréal by selling €8.9 billion worth of shares back to the cosmetics brand.

Following the share buyback programme, the conglomerate will own just 20.1 per cent of L’Oréal.

The company reportedly held a 23.3 per cent stake in the business at the end of 2020.

Nestlé will keep two positions on the L'Oréal Board of Directors.

The food and drink multinational said that its board of directors have decided to replace its existing share buyback programme with a new plan which is expected to begin early next year.

Under the new programme, Nestlé plans to repurchase CHF 20 billion of its shares over the period 2022 to 2024. The company expects to buy around CHF 10 billion of shares in the first year.

The new programme is subject to the necessary regulatory approvals.

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