French cosmetics giant L'Oréal has agreed to sell part of its stake in pharmaceutical company Sanofi for €3 billion (approximately $3.11 billion). The sale involves 2.3% of Sanofi's shares, equivalent to about 29.6 million shares, at a price of €101.5 per share. Following this transaction, L'Oréal will still retain a 7.2% stake in Sanofi.
The transaction will be conducted through an over-the-counter block trade and is expected to be completed in the coming days. Sanofi announced that this sale is part of its previously declared stock buyback program, initially revealed on January 30, 2025.
