on L'OREAL (EPA:OR)
L'Oréal Sells Sanofi Shares Worth €3 Billion
L’Oréal has reached an agreement to sell 29.6 million Sanofi shares back to the pharmaceutical company at a price of €101.5 per share. This transaction, valued at €3 billion, will see L’Oréal’s ownership in Sanofi reduce to 7.2% of the share capital, maintaining 13.1% of the voting rights.
The sale will enhance L'Oréal's balance sheet following recent acquisitions and diversify its financing sources. Scheduled as an off-market block trade, the transaction will finalize soon without any preceding conditions.
L’Oréal's CFO, Mr. Christophe Babule, expressed satisfaction with the transaction, emphasizing the ongoing supportive relationship with Sanofi as a committed shareholder, and confidence in Sanofi's future prospects.
R. E.
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