L’Oréal launches second Employee Share Ownership Plan
French cosmetics giant L’Oréal announced on Monday the launch of its second Employee Share Ownership Plan spanning across 57 countries.
The plan will allow L’Oréal employees to purchase up to 500,000 shares at a discount during a subscription period that will run from September 17 to October 2 2020. Settlement is planned for November 3.
“This year, after the success of the first plan in 2018, we want to once again involve our employees in the prosperity of our Group,” explained Jean-Paul Agon, chairman and CEO of L’Oréal.
“This second Employee Share Ownership Plan is a new opportunity to allow those who wish to do so to support the development of the company and participate in its strategic project. This new plan reaffirms our ambition to unite our employees even more closely with L'Oréal's future.”
The share purchase price is still yet to be set on September 14 and will allow employees to benefit from a 20 percent discount applied on the average opening price of L'Oréal shares on the Euronext Paris exchange over the twenty trading days preceding the decision.
The beauty group said shares purchased in registered form, as well as employee shareholding fund units, will be blocked for a five-year period, subject to early release exceptions defined by applicable regulations in the countries where the offer is made available.
L’Oréal generated sales amounting to 29.87 billion euros in 2019 and employs 88,000 people worldwide.
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