L'Oréal To Cash In Its 9% Sanofi Stake
News: France-based cosmetics and beauty products company L'Oréal is to cash in on its stake in French pharmaceutical company Sanofi in case it needs to fund a larger takeover, CEO Jean-Paul Agon told German newspaper Die Welt. L'Oréal has a stake of almost 9% in Sanofi, which gives it a good reserve if an opportunity arises, according to Agon. L'Oréal agreed to buy back an 8% stake in its own capital from Swiss consumer goods group Nestlé in February, fuelling speculations it would look to sell its stake in Sanofi to fund that deal. However, Agon stated at the time that L'Oréal was 'very happy' with its role as a core shareholder in Sanofi.