2-9-18 5:17 AM EST | Email Article

By Matthew Dalton

 

PARIS--L'Oreal SA is ready to buy the stake in the cosmetics giant held by consumer-goods conglomerate Nestle SA, and could rely on bank financing to do so, L'Oreal Chief Executive Jean-Paul Agon said Friday.

"If Nestle one day wants to sell, we are ready," Mr. Agon said. To finance a purchase of the stake, worth EUR23 billion ($28.19 billion), L'Oreal has EUR3 billion in cash and cash equivalents on its balance sheet, plus a stake in pharmaceutical company Sanofi SA worth around EUR7.6 billion.

"In case that would not be enough, we've got many love letters from great banks that said they would love to lend us some money," Mr. Agon said.

 

Write to Matthew Dalton at matthew.dalton@wsj.com

 
 

(MORE TO FOLLOW) Dow Jones Newswires

February 09, 2018 05:17 ET (10:17 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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