PARIS — L’Oréal plans to buy 48.5 million of its own shares from Nestlé, and dispose of its 50 percent stake in Galderma to help fund the operation.

The complex transaction is to reduce Nestlé’s stake to 23.29 percent of the share capital from 29.4 percent, and to increase the share held by the Bettencourt Meyers family to 33.31 percent from 30.6 percent.

The two companies announced the development before the opening of trading in Europe.

L’Oréal said it would finance the buyback with available cash and by issuing commercial paper.

The Galderma disposal for an enterprise value of 3.1 billion euros, or $4.23 billion at current exchange, was paid by Nestlé via 21.2 million L’Oréal shares.

For the remaining 27.3 million shares, L’Oréal is to pay 3.4 million euros, or $4.63 billion.

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