Nestle Extends Slimdown With $1.2B Fragrance Co. Stake Sale

Law360, New York (December 6, 2013, 12:22 PM EST) -- Nestle SA outlined plans to sell its entire 10 percent stake in Swiss fragrance company Givaudan SA in a Friday private placement worth as much as $1.2 billion, continuing a push to refine its focus to top-performing businesses after others have recently dragged down earnings.

Through an accelerated bookbuilding transaction, the company will redistribute each of the nearly 1 million Givaudan shares it has held for more than a decade among unnamed institutional investors. After cutting its sales outlook earlier this year, Nestle, best known as...
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