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Reuters
Published
Apr 9, 2009
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Nestle, Bettencourt extend L'Oreal shareholder pact

By
Reuters
Published
Apr 9, 2009

PARIS, April 9 (Reuters) - Swiss food group Nestle (NESN.VX) and France's Bettencourt family said on Thursday they would extend their pact on cosmetics company L'Oreal (OREP.PA), in which both Nestle and Bettencourt own roughly 30 percent stakes.


Kérastase, one of L'Oréal's brands

"The Bettencourt family and the Nestle company will continue on acting in concert towards the L'Oreal company beyond 29 April 2009," the two parties said in a joint statement.

The original period during which neither Nestle nor Bettencourt could sell their L'Oreal stakes was due to expire on April 29.

Liliane Bettencourt, the 86-year old billionaire daughter of the L'Oreal founder, has a 30 percent holding in L'Oreal. The stake is repeatedly subject to speculation about who might inherit it.

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