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.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)