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Stock Market & Financial Investment News

News Breaks
February 11, 2014
05:37 EDTNSRGY, LRLCY, SNYNestle, L'Oréal boards unanimously approve sale of 48.5M shares
Nestlé (NSRGY) and L'Oréal (LRLCY) announced that their respective boards, in meetings held on February 10, have approved by unanimous decision of their voting members a strategic transaction for both companies under which L'Oréal will buy 48.5M of its own shares from Nestlé. This buyback will be financed: Partially through the disposal by L'Oréal to Nestlé of its 50% stake in Swiss dermatology pharmaceuticals company Galderma, a 50/50 joint venture between L'Oréal and Nestlé, for an enterprise value of EUR 3.1B, EUR 2.6B of equity value, paid by Nestlé in 21.2M L'Oréal shares. For the remainder, corresponding to 27.3M L'Oréal shares held by Nestlé, in cash for an amount of EUR 3.4B. All the shares bought back by L'Oréal will be cancelled. Following the transaction, Nestlé's stake in L'Oréal will be reduced from 29.4% to 23.29% of the share capital and the Bettencourt Meyers family's stake in L'Oréal will increase from 30.6% to 33.31%. In order to reflect the change of Nestlé's stake in L'Oréal's governance, the number of Nestlé representatives on L'Oréal's board will be adjusted from 3 to 2 Directors, and the ownership ceiling provisions of the shareholders' agreement between Nestlé and the Bettencourt Meyers family will apply to their respective new holdings. The transaction will be accretive by more than 5% on L'Oréal's recurring earnings per share on a full year basis. The buyback will be exclusively financed with L'Oréal's available cash and through the issuance of commercial paper. It will not require the disposal of Sanofi (SNY) shares held by L'Oréal. The transaction is expected to close before the end of the first semester of 2014.
News For NSRGY;LRLCY;SNY From The Last 14 Days
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September 17, 2014
10:00 EDTNSRGYOn The Fly: Analyst Downgrade Summary
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07:54 EDTNSRGYNestle downgraded to Hold from Buy at Societe Generale
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07:00 EDTNSRGYMondelez exec aiming for more beverage offerings, Reuters says
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06:18 EDTSNYSanofi, MyoKardia announce collaboration
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05:25 EDTNSRGYNestle downgraded to Hold from Buy at Societe Generale
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September 16, 2014
07:33 EDTSNYMylan initiates Phase III clinical trials for Advair Diskus and Lantus
Mylan (MYL) announced it is initiating Phase III clinical trials for its generic version of GlaxoSmithKline's (GKS) Advair Diskus and its insulin analog to Sanofi's (SNY) Lantus. In October Mylan will commence a Phase III clinical trial to evaluate the equivalence of its product to Advair Diskus when administered by inhalation in adult asthma patients.
September 12, 2014
10:04 EDTSNYSanofi unit granted orphan status for treatment of Gaucher disease
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September 11, 2014
05:27 EDTSNYGenzyme announces positive interim results from Lemtrada extension study
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September 10, 2014
07:09 EDTSNYAmericas Committee for Treatment & Research in MS to hold a meeting
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September 9, 2014
10:10 EDTLRLCYOn the Fly: Analyst Downgrade Summary
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07:53 EDTLRLCYL'Oreal downgraded to Outperform from Strong Buy at Raymond James
05:42 EDTLRLCYL'Oreal downgraded to Outperform from Strong Buy at Raymond James
Raymond James downgraded L'Oreal to Outperform and removed the stock from its European Conviction List citing the CEO's cautious message on cosmetics market momentum in the second half of 2014.
September 8, 2014
14:16 EDTSNYSanofi announces FDA approval of Menactra vaccine
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