Jean-Paul Agon, L‘Oreal CEO made these comments while releasing the firm’s 4th quarter results.
On Friday, L‘Oreal Chief Executive stated, the French cosmetic giant is ready to purchase Nestle’s 23% stake in the firm if Nestle decides to sell it.
L‘Oreal could finance the purchase through either cash, by selling its stake in Sanofi or by borrowing the required funds, said Jean-Paul Agon, L‘Oreal’s CEO.
“If Nestle one day wants to sell, we are ready,” said Agon at a news conference when it released its fourth-quarter earnings on Thursday.
He went on to add, “We have 1.8 billion euros ($2.2 billion) in cash, we have the Sanofi stake. We are also a very serious and loyal and active shareholder in Sanofi, but in case we will be ready and I‘m sure if it was not enough, we have many love letters from banks that have said that they would love to lend us some money.”
($1 = 0.8149 euros)