PARIS — L’Oréal said it is launching a second employee share ownership plan, which will be introduced in 57 countries.
Under the plan, group employees will be able to buy 500,000 shares at a discounted rate. The subscription period will run from Sept. 17 to Oct. 2, and settlement is scheduled for Nov. 3.
The shares will trade on the Euronext stock exchange in Paris, but will have to be held for at least five years, barring exceptions.
“This year, after the success of the first plan in 2018, we want to once again involve our employees in the prosperity of our group,” said Jean-Paul Agon, chairman and chief executive officer of L’Oréal, in a statement released Monday.
“This second employee share ownership plan is a new opportunity to allow those who wish to do so support the development of the company and participate in its strategic project. This new plan reaffirms our ambition to unite our employees even more closely with L’Oréal’s future.”
The company’s first employee share ownership plan was launched in the summer of 2018.