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Nestle cuts L'Oreal stake by selling $10 billion worth of shares

08 December 2021 06:15 (UTC +04:00)

Nestle SA said on Tuesday it would cut its stake in L'Oreal by selling shares worth 8.9 billion euros ($10.03 billion) back to the French cosmetics brand, as the Nescafe maker sharpens its focus on its core food and beverage divisions, APA reports quoting Reuters.

Following the deal, Nestle said it would own 20.1% of L'Oreal.

The packaged foods maker also said its board had decided to buy back 20 billion Swiss francs ($21.63 billion) worth of shares between 2022 and 2024, adding that it would adjust this program should it make sizable acquisitions.

Nestle said it would terminate its current share repurchase plan by the end of the year, having bought back shares for 12.7 billion Swiss francs or almost two-thirds of the program volume.