February 13, 2014 / 9:09 AM / 5 years ago

Nestle says will detail share buyback when L'Oreal deal closes

The logo of French cosmetics group L'Oreal is seen on the company's building in Clichy, near Paris February 11, 2014. REUTERS/Benoit Tessier

VEVEY, Switzerland (Reuters) - Nestle NESN.VX will disclose details of a planned share buyback when the sale of an 8 percent share in L’Oreal (OREP.PA) closes, its chief financial officer told investors on Thursday.

Nestle said on Tuesday it was reducing its stake in L’Oreal (OREP.PA) to 23 percent, adding it wanted to use part of the proceeds for a share buyback. It didn’t communicate details then, nor at its full-year results conference on Thursday.

“We’ll give details when the transaction closes,” Wan Ling Martello said. Nestle said it expects the deal to close before the end of June.

She also said Nestle had no wish to return to a triple A credit rating.

Reporting by Silke Koltrowitz

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