PARIS — Sanofi will divest its direct and indirect stake of about 19.3 percent in Groupe Yves Rocher to the company’s controlling family, the firms announced Wednesday.
Once the deal is closed — which is expected prior to the end of the third quarter — the Rocher family will control more than 95 percent of the group’s capital. The family is already Groupe Yves Rocher’s majority shareholder.
Terms of the deal were not disclosed.
“We are pleased to have been able to support the development of the Yves Rocher Group for about 40 years,” stated Jérôme Contamine, executive vice president, chief financial officer of Sanofi. “The decision to divest is in line with the group’s objectives to focus on its strategic activities.”
The pharmaceutical giant acquired part of Groupe Yves Rocher’s capital in 1973, then sold some of its shares in the early 2000s.
Groupe Yves Rocher — which has cosmetics, home care products and clothing activities, including the Petit Bateau label — employees almost 15,000 people and registered 2011 sales of more than 2 billion euros, or $2.79 billion at average exchange.