REG - Nestle SA Nestle Holdings Inc - Statement re Nestlé reduces stake in L’Oréal...

L'oreal SAAnnouncement

08/12/2021 08:00

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RNS Number : 8996U  Nestle SA  07 December 2021

 

Nestlé press release

 

 

.......................................

 

 

[Ad hoc announcement pursuant to art. 53 SIX Listing Rules]

 

 

 

Vevey/Switzerland, December 7, 2021

 

 

Nestlé reduces stake in L'Oréal to 20.1%, initiates new CHF 20 billion share
buyback program

 

 

Nestlé has agreed to sell 22.26 million of L'Oréal shares to L'Oréal for
EUR 400.00 per share with a total consideration of EUR 8.9 billion (CHF 9.3
billion). L'Oréal will cancel the repurchased shares.

 

Following the transaction, Nestlé will own 20.1% of L'Oréal and remains
fully supportive of the company's value creation strategy. Nestlé will retain
its two positions on the L'Oréal Board of Directors.

 

The Nestlé Board of Directors has decided to replace the existing share
buyback program with a new plan which is expected to commence on January 3,
2022. Under this new program Nestlé plans to repurchase CHF 20 billion of its
shares over the period 2022 to 2024. The company expects to buy around CHF 10
billion of shares in the first twelve months. The new program is subject to
the necessary regulatory approvals.

 

Consequently, the company's existing share buyback program is expected to
terminate on December 31, 2021. As at December 7, 2021, Nestlé has
repurchased 120 289 800 of its shares for a total amount of CHF 12.7 billion
at an average price of CHF 105.61 per share, almost two thirds of the
anticipated CHF 20 billion existing program volume.

 

The Board of Directors and executive management of Nestlé confirm their
commitment to investing behind the company's core food, beverage and
nutritional health businesses. Should any sizable acquisitions take place, the
new share buyback program commencing January 3, 2022 will be adjusted
accordingly. The volume of monthly share buybacks will depend on market
conditions.

 

 

 

 

 

Contacts:

 

Media  Christoph Meier  Tel.: +41 21 924 2200  mediarelations@nestle.com

Investors  Luca Borlini  Tel.: +41 21 924 3509   ir@nestle.com

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