By  on April 8, 2008

PARIS — Driven by intense market speculation that Nestlé could buy out L'Oréal, the French beauty giant's shares rose 2.08 percent on the Paris bourse Monday to 83.17 euros, or $130.90 at current exchange.

Fueling the conjecture was the Swiss food giant's announcement Monday that it will sell a 24.85 percent stake in its Alcon eye care business to health care company Novartis, with an option to sell its remaining 52 percent share starting in 2010. Valued at $143.18 a share, the sale gives Nestlé an initial $11 billion cash injection and a potential total of $39 billion come 2010.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus