Nestle Swaps L'Oreal Stake For Skin Care JV in $8.9B Deal

Law360, New York (February 11, 2014, 1:57 PM EST) -- Nestle SA has agreed to trade a portion of its stake in L’Oreal SA for complete control of a skin care joint venture in a deal valued at €6.5 billion ($8.87 billion) as the company undergoes a restructuring focusing on top-performing assets, the companies announced Tuesday.

Nestle will pick up full control in dermatology pharmaceuticals company Galderma, which was a 50/50 joint venture with L’Oreal, as the French cosmetics giant buys back 48.5 million of its own shares from Nestle, the companies said. The deal comes...
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