On September, 21st 2017, Liliane Bettencourt, daughter of Eugene Schueller, founder of L’Oréal, passed away.
The shareholders agreement between Nestlé and the Bettencourt Family ended on March, 21st 2018 (6 months after Ms Bettencourt dies, in line with provisions). On February 15th 2017, Nestle published a press release: “The shareholders agreement between Nestlé and the Bettencourt family is due to expire on March 21, 2018. In order to maintain all available options for the benefit of Nestlé's shareholders, the Board of Directors has decided not to renew this agreement. We do not intend to increase our stake in L'Oréal and are committed to maintaining our constructive relationship with the Bettencourt family”.
Hence, L'Oréal could use the repurchase authorization (item 12) to buy Nestlé's shares, if Nestlé sells them (l'Oréal's Chairman already announced that if Nestlé sells its stock, L'Oréal would be ready to buy it (https://www.reuters.com/article/us-loreal-results-nestle/loreal-ready-to-buy-nestle-stake-in-cosmetics-leader-idUSKBN1FT101). This authorisation could be used to buy 43% Nestlé's shares (the authorisation allows the company to buy back 56,051,908 of its own shares and Nestlé owns 129,881,021 of L'Oréal's shares as of 31 December 2017).
Item 6: Mr Agon’s mandate renewal is proposed. Even though the board does not have a majority of independent members, we note that 2 independent members are to be elected and that the global performance of Mr Agon is satisfactory; hence we support his re-election.
L'Oreal acts as a holding company. Through its subsidiaries, Co. plays a strategic coordination role and scientific, industrial and marketing coordination role on a global basis. Co. develops, manufactures and commercializes products for Skin care, Hair care, Make-up, Perfumes, Toiletries and deodorants, and Oral cosmetics. Co. has three branches: Cosmetics, Body shop and Dermatology. Co.'s principal activities comprise four divisions: Professional Products, Consumer Products, L'Oreal Luxe and Active Cosmetics. The Body Shop branch offers various cosmetics and toiletry products. The Dermatology branch offers topical dermatology prescription, and corrective and aesthetic dermatology.
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Item 1: Approve the share consolidation The Board requests shareholder approval to implement a share consolidation on the basis of 19 new ordinary shares for every 20 existing ordinary shares held. The consolidation is intended to maintain comparability, as far as possible, of the Company’s share price before and after the payment of a special dividend of $2.621 per share. The special dividend is equivalent to 5% of the market capitalisation of the Company as at 14 December 2018. The Company has implemented a series of share consolidations, returning funds to shareholders in this way in 2012...
Item 1: Approve Share Buybacks Shareholder approval is being sought to authorise the Company to make market purchases of its ordinary shares following the inclusion of a typographical error in the resolution granting authority at the 2018 AGM. This error meant that the authority granted at that meeting has already expired. As there is currently no authority in place, the Board proposes the standard share repurchase authority for the UK market with period ending until the earlier of 25 October 2019 (being the later date set out in in the resolution granting authority at the 2018 AGM) and the ...
Les actionnaires sont convoqués afin d'approuver le projet de fusion-absorption d'Affine par la Société de la Tour Eiffel. L'analyse des parités induites par les ANR des sociétés montre une décote de 8,7% au détriment des actionnaires d'Affine. Les commissaires à la fusion expliquent clairement que la décote "disparaitrait en cas de légère remontée des taux de rendement attendus sur les actifs immobiliers, hypothèse qui ne peut être écartée au regard de la situation des marchés financiers, et l’affecterait à raison de sa structure financière également". Au regard de la situation financière d’...
Depuis l’exercice 2016-2017, Vilmorin & Cie se réfère au Code de gouvernement d’entreprise Middlenext. Ainsi, bien que la société se conforme parfaitement au code MiddleNext puisque son conseil comprend 2 administrateurs indépendants (1 seul selon Proxinvest), on regrettera toutefois qu'elle n'ait pas saisi l'occasion de la vacance du siège de M. Foucault (qui a démissionné) pour nommer en son sein un administrateur non lié au premier actionnaire et parfaitement indépendant. Par ailleurs, bien qu'il soit tout à fait appréciable que la société ait communiqué que le bonus annuel du Directeur gé...
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