PARIS — Nestlé could sell its 27.89 percent stake in L'Oréal in 2009, once its agreement with the French beauty giant expires in April of that year, Nestlé chief executive officer Peter Brabeck said Thursday.
He was speaking during a press conference presenting the Vevey, Switzerland-based food giant's nine-month sales figures.
Brabeck said that while the 27.89 percent stake in L'Oréal has been an extremely successful investment for Nestlé shareholders, selling the share is one alternative in 2009. Brabeck, who will become an active, nonexecutive chairman of Nestlé's board next April, explained the company board has asked him to consider possible options.
"It is clearly spelled out in the agreement [with L'Oréal] that after April 2009 Nestlé has the right to sell, and the Bettencourt family has the first right of refusal and can give this right of refusal to a third party, so this is a clearly established option," he said. "So, that's one of the scenarios I have to consider."
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