L'Oreal could sell Sanofi stake to fund acquisitions: CEO
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A logo is seen over the entrance of Cosmetics company L'Oreal building in Paris, August 16, 2013. REUTERS/Christian Hartmann
PARIS (Reuters) - L’Oreal (OREP.PA) Chief Executive Jean-Paul Agon reiterated on Friday that the cosmetics group could sell its stake in drugmaker Sanofi (SASY.PA) to help fund acquisitions.
“The cash is there to use,” he said. “We will see if the opportunities are there to use it. We have always said that our stake in Sanofi is financial and not strategic so therefore we could use it if an opportunity presented itself.”
Reporting by Astrid Wendlandt; Editing by James Regan