PARIS — Minority shareholders of L’Oreal approved a plan Thursday to give the company control of Cosmair Inc. USA and Cosmair Canada Inc.
According to a statement from the company, shareholders at an extraordinary meeting at L’Oreal headquarters in Clichy outside Paris voted “overwhelmingly” for the plan, which was announced last April. The L’Oreal board called for the special meeting after approving the deal, valued at $1.55 billion, in August.
The complex maneuver calls for L’Oreal’s majority shareholder, the Gesparal holding company that belongs to the Bettencourt family and Nestlé SA, to turn over its shares in Cosmair USA and Cosmair Canada to the parent company in exchange for L’Oreal stock.
Nestle will sell for cash the remainder of its holdings in the two Cosmairs plus its stake in two of L’Oreal’s European agents, the Swiss Lorsa-Fagel and Spanish Procasa companies.
At the end of the operation, L’Oreal will hold 100 percent of Cosmair USA and Lorsa-Fagel, 72.63 percent of Cosmair Canada and 49 percent of Procasa. Other Procasa shareholders have declined to sell.