L'Oreal Advances on Prospect of Sale of Nestle's Holding
L’Oreal SA shares surged the most in seven years on speculation that the death of the company’s biggest shareholder, Liliane Bettencourt, could clear up the cosmetics maker’s ownership through a takeover or a buyback. While Nestle could have sold its 23 percent stake in L’Oreal before Bettencourt’s death Wednesday, her passing may make a sale to the French company more likely, according to analysts . The stake is worth about 23.8 billion euros ($28.4 billion) at the current share price...
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