×
80 266
Fashion Jobs
BLOOMINGDALE'S
Outlet Keyholder Selling, Merrimack - Full Time
Permanent · Merrimack
TJ MAXX
Retail Sales Floor Supervisor Full Time
Permanent · Dunwoody
TJ MAXX
Distribution Center Supervisor- Pittston, PA
Permanent · Pittston
HOMEGOODS
lp Detective
Permanent · Christiana
MARSHALLS
Loss Prevention Detective
Permanent · Worcester
TJ MAXX
lp Detective
Permanent · St. Cloud
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · La Verne
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Rockwall
ULTA BEAUTY, INC.
Retail Sales Manager
Permanent · Morristown
ULTA BEAUTY, INC.
Retail Sales Manager
Permanent · Roseville
ULTA BEAUTY, INC.
General Manager
Permanent · New York
NORDSTROM
Asset Protection - Agent - Manchester Highlands Rack
Permanent · Manchester
NORDSTROM
Asset Protection - Security Ambassador - Twenty Ninth Street Shopping Center Rack
Permanent · Boulder
NORDSTROM INC
Asset Protection - Security Ambassador - Rookwood Pavilion Rack
Permanent · Cincinnati
NORDSTROM
Asset Protection - Security Ambassador - City Creek Center
Permanent · Salt Lake City
NORDSTROM INC
Asset Protection - Security Ambassador - Southcenter
Permanent · Tukwila
NORDSTROM INC
Manager Asset Protection 3 - Chandler, az
Permanent · Chandler
NORDSTROM INC
Asset Protection - Agent - Tampa Rack
Permanent · Tampa
NORDSTROM
Asset Protection - Agent - Brentwood Place Rack
Permanent · Brentwood
NORDSTROM
Asset Protection - Security Ambassador - Gateway Center Rack
Permanent · New York
NORDSTROM
Asset Protection - Agent - South Coast Plaza
Permanent · Costa Mesa
NORDSTROM INC
Asset Protection - Security Ambassador - Rack at 31st & 6th
Permanent · New York
By
Reuters API
Published
Feb 9, 2018
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

L'Oreal ready to buy shareholder Nestle's stake in the firm, says CEO

By
Reuters API
Published
Feb 9, 2018

L'Oreal stands ready to buy Nestle's 23 percent stake in the firm should its Swiss shareholder choose to sell, and it could finance a purchase through cash, by selling its Sanofi stake or by borrowing, L'Oreal's CEO said.


L'Oreal reported that sales had risen by a better-than-expected 5.5 percent in the fourth quarter Photo: Biotherm, a L'Oreal brand


"If Nestle one day wants to sell, we are ready," L'Oreal's Chairman and Chief Executive Jean-Paul Agon told a news conference on Friday, after the cosmetics company released its fourth-quarter earnings on Thursday.

"We have 1.8 billion euros (1.58 billion pounds) in cash, we have the Sanofi stake. We are also a very serious and loyal and active shareholder in Sanofi, but in case we will be ready and I'm sure if it was not enough, we have many love letters from banks that have said that they would love to lend us some money."

Agon added that any decision to sell was in Nestle's hands.

Shares in French cosmetics group L'Oreal rose on Friday after its fourth quarter sales beat expectations, along with a confident outlook for 2018, while earlier comments regarding its intentions on Nestle further buoyed the stock.

L'Oreal shares were up 1 percent in early session trading, among the top gainers on France's blue-chip CAC-40 index.

Nestle shares were up 0.7 percent.

"Q4 17 organic sales of 5.5 percent is 50 basis points above Inquiry Financial consensus of 5 percent, strong 2018 outlook," Liberum analysts wrote in a note, retaining a "hold" rating on L'Oreal shares.
L'Oreal Chairman and Chief Executive Jean-Paul Agon said on Thursday he was confident of significant growth in like-for-like sales in 2018.

This was after L'Oreal reported that sales had risen by a better-than-expected 5.5 percent in the fourth quarter on a comparable basis.

"FY 2017 results are reassuring", added Investec Securities analysts, who kept a "buy" rating on the stock.
"We note CEO Agon's interview in the Financial Times, reiterating L'Oreal's willingness to buy Nestle's 23 percent take.. Scarcely a surprise, but this may excite some: an acquisition of the stake by L'Oreal, part-funded by a sale of its own Sanofi stake would be circa 10 percent accretive, we think.," the brokerage added.

The death in September of billionaire Liliane Bettencourt has focused attention on how L'Oreal's founding family and major shareholder Nestle would manage their stakes in the world's biggest cosmetics firm.

Meanwhile billionaire investor Daniel Loeb, founder of hedge fund Third Point, has pushed for Nestle to sell its L'Oreal stake as he keeps up pressure with demands that Nestle move faster to overhaul its general corporate strategy.

© Thomson Reuters 2021 All rights reserved.