By and  on April 10, 2009

PARIS — Ahead of L’Oréal and Nestlé’s general assembly meetings in the next two weeks, the Swiss food giant and Bettencourt family jointly published a rare press statement Thursday saying their agreement regarding the French beauty giant remains unchanged.

According to a shareholder pact signed in February 2004, Nestlé and the Bettencourt family are free to sell their stakes in L’Oréal as of April 29. Their shares stand at 29.6 percent and 30.8 percent, respectively. Also as part of the agreement, Nestlé cannot take a majority stake in L’Oréal unless Liliane Bettencourt, the daughter of L’Oréal’s founder Eugene Schueller, gives her permission or passes away, and, in that case, not until six months following her death. Other clauses continue to be effective until the due date mentioned in the 2004 agreement.

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