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Nestlé stake sale leaves L’Oréal a more family affair

Nestlé’s sale of an 8-per-cent stake in L’Oréal to the French cosmetics group marks a fundamental reset of the duo’s relations. The French get more freedom; the Swiss, cash and some assets. Nestlé may describe its reduced holding as “strategic,” yet looks, long term, like a seller of more. But keeping a 23-per-cent investment gives it the option to reverse course if it wishes.