L'Oreal sells 1.8 pct of Sanofi-Aventis

today Nov 14, 2007
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Headquarter of Sanofi-Aventis in Paris
PARIS, Nov 14, 2007 (AFP) - L'Oreal has sold 1.8 pecent of its stock in pharmaceutical group Sanofi-Aventis for some 1.5 billion euros (2.2 billion dollars), the world cosmetics leader said Wednesday, November 14th.

The transfer took the form of private placement, with the shares sold at 60.50 euros each, it said.

"This successful transaction was completed within a few hours and will yield proceeds of approximately EUR1.5 billion to L'Oreal," it said in a statement.

L'Oreal's stake in Sanofi-Aventis was cut to 8.7 percent as a result of the sale.

It said it would use the proceeds of the sale to fund "development and strategic projects."

Company director general Jean-Paul Agon said early this year that its stake in Sanofi-Aventis was "not strategic."

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