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Nestle buying out Swiss company Galderma from L'Oreal to create new unit

FILE - In this Feb. 14, 2013 file picture the Nestle logo is photographed on the Nestle headquarter in Vevey, Switzerland. Swiss food and drink giant Nestle and French cosmetics company L'Oreal announced Tuesday Feb. 11, 2014 a deal to transfer ownership of Swiss dermatology pharmaceuticals company Galderma. The companies said in a joint statement that L'Oreal will buy 48.5 million of its own shares, or 8 percent of its share capital, from Nestle and give Nestle its 50 percent stake in Galderma, which has been a 50/50 joint venture between them. (AP Photo/Keystone,Laurent Gillieron)

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FILE - In this Feb. 14, 2013 file picture the Nestle logo is photographed on the Nestle headquarter in Vevey, Switzerland. Swiss food and drink giant Nestle and French cosmetics company L'Oreal announced Tuesday Feb. 11, 2014 a deal to transfer ownership of Swiss dermatology pharmaceuticals company Galderma. The companies said in a joint statement that L'Oreal will buy 48.5 million of its own shares, or 8 percent of its share capital, from Nestle and give Nestle its 50 percent stake in Galderma, which has been a 50/50 joint venture between them. (AP Photo/Keystone,Laurent Gillieron)

GENEVA - Swiss food and drink giant Nestl� and French cosmetics company L'Or�al have approved a deal to transfer ownership of Swiss dermatology pharmaceuticals company Galderma.

The companies say L'Or�al will buy 48.5 million of its own shares, or 8 per cent of its share capital, from Nestl� and give Nestl� its 50 per cent stake in Galderma, which has been a 50/50 joint venture between them.

Under the deal, which is subject to regulatory approval, the companies said Tuesday that Nestl�'s stake in L'Or�al will be reduced from 29.4 per cent to 23.29 per cent of the share capital and the Bettencourt Meyers family's stake in L'Or�al will increase from 30.6 per cent to 33.31 per cent.

Nestl� says it is creating a new unit, Nestl� Skin Health SA, that will be run by Galderma's management.

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