L’Oréal sells $3.11b Sanofi stake

L’Oréal’s stake in Sanofi will drop to 7.2% of its share capital.

L’Oréal has agreed to sell 29.6 million Sanofi shares back to the pharmaceutical company for $105.34 (€101.5) per share, totalling $3.11b (€3b).

After the transaction, L’Oréal’s stake in Sanofi will drop to 7.2% of its share capital, with 13.1% of voting rights.

The deal, conducted via an off-market block trade, is set to be completed in the coming days.

L’Oréal said the sale will strengthen its balance sheet following recent acquisitions and diversify its financing sources.

Despite reducing its stake, the company remains a key shareholder and supports Sanofi’s growth strategy.

“Consistent with the trusted relationship that L’Oréal and Sanofi have built over more than 50 years, we will continue to support the development of Sanofi as a loyal and key shareholder and are confident in the prospects of the company,” said L’Oréal CFO Christo