L’Oréal announces today that it has agreed to sell approximately 29.6 million of Sanofi shares to Sanofi for €101.5 per share, for a total consideration of €3 billion.

Upon completion of the transaction and cancellation of the repurchased shares, L’Oréal will own 7.2% of Sanofi’s share capital and 13.1% of its voting rights.

L’Oréal remains an important shareholder of Sanofi and is fully supportive of the company’s value creation strategy.

The transaction will optimize L’Oréal’s balance-sheet, notably following its recent acquisitions, and further diversify the Group’s financing sources. 

The transaction, which will be carried out through an off-market block trade, is not subject to any condition precedent and should be finalized in the coming days.

Christophe Babule, Chief Financial Officer of L’Oréal, declared: “We are very pleased to announce this transaction. 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.”