PARIS -- L'Oreal announced Monday the financial terms for its acquisition of the shares of Cosmair Inc. USA as well as Cosmair Canada, Lorsa/Fagel Switzerland and Procasa Spain.

When the deal is completed, the company will have paid $1.55 billion (8.79 billion French francs) at current exchange rates to Nestle SA and to the Bettencourt family, descendants of the founder, through Gesparal, a L'Oreal holding company.

In return, L'Oreal will receive 100 percent of Cosmair USA, 100 percent of Lorsa/Fagel, 72.63 percent of Cosmair Canada and 49 percent of Procasa.

The deal, which L'Oreal announced in April, will give L'Oreal more direct control over the operations of its licensees.

The valuation was based on the sales and profit figures of those four companies for the calendar year beginning May 1, 1993, and ending April 30, 1994.

The figures show that Cosmair in the U.S. had a net profit of $59.7 million on sales of $1.35 billion. Cosmair Canada had a net profit of $7 million (9.7 million Canadian dollars) on sales of $146.2 million (201 million Canadian).

Lorsa/Fagel in Switzerland had a net profit of $11.85 million (16.67 million Swiss francs) on sales of $91.66 million (129 million Swiss francs). Procasa in Spain had a net profit of $10.75 million (1.46 billion pesetas) on sales of $199.18 million (27.2 billion pesetas).

In accordance with French law, these valuations will be presented to the commercial court, which will appoint one or more examiners to study the proposed values.

The acquisition will be in two steps so as not to disrupt the equilibrium of shares held by the Bettencourt family and Nestle SA.

In the first transaction, Gesparal, which now owns 51 percent of L'Oreal and is in turn owned by Liliane Bettencourt and Nestle, will transfer to L'Oreal 51.6 percent of its shares in Cosmair USA and 29.63 percent of its shares in Cosmair Canada, valued at $705.83 million (4 billion French francs).

In return, Gesparal will receive 2.61 percent of L'OrÄal shares, which will increase Gesparal's stake in L'Oreal from 51.04 percent to 53.65 percent.

In the second transaction, Nestle will sell to L'Oreal its stakes in Cosmair USA (45.11 percent), Cosmair Canada (41.27 percent), Lorsa/Fagel (100 percent) and Procasa (30.63 percent) for a total sum of $842.7 million (4.78 billion French francs).

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