L'Oreal Rises on Speculation Nestle May Plan Takeover |
| Bloomberg - Apr 7, 2008 |
L'Oreal SA, the world's largest cosmetics maker, gained in Paris trading on speculation that 28 percent-shareholder Nestle SA may use money raised from the sale of a stake in Alcon Inc. to make a bid for the company.
L'Oreal rose as much as 3.72 euros, or 4.6 percent, to 85.19 euros in the French capital, the biggest percentage climb since Feb. 12. The stock traded at 83.63 euros as of 2:32 p.m. local time, valuing the company at 51.1 billion euros ($80 billion).
``Nestle has a lot of firepower right now,'' said Salah Seddik, a fund manager at Richelieu Finance, which oversees $6.3 billion. ``A brand like L'Oreal could be very important for Nestle, even though this could be a long process.''
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- Posted: 2008-04-07 08:37:55
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