LAUSANNE, Switzerland (Reuters) - Nestle’s (NESN.S) outgoing chairman said on Thursday he could not predict what Nestle would do with its 23 percent stake in French cosmetics group L’Oreal (OREP.PA) after the termination of an agreement between the Swiss food company and the Bettencourt family, L’Oreal’s biggest shareholder.
“What will happen after Mrs Bettencourt, very unfortunately, leaves us one day? Who knows what can happen in five or ten years, we certainly wish her a long and healthy life,” Peter Brabeck said in reply to a shareholder question at Nestle’s annual general meeting.
The agreement between Nestle and the Bettencourt family, L’Oreal’s biggest shareholder, stipulates that the two parties cannot increase their stake in L’Oreal during the lifetime of Liliane Bettencourt, 94, and six months after that.
Reporting by Silke Koltrowitz, editing by John Revill