L'Oreal sells 1.8 pct of Sanofi-Aventis
today Nov 14, 2007
Headquarter of Sanofi-Aventis in Paris
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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