The respective owners of Purina pet food and Lancome cosmetics were always an odd couple, and have found an inexpensive way to start splitting up. A full separation between Nestlé and makeup giant L’Oréal would probably be costlier.
Late Tuesday, the world’s biggest food company said it would reduce its holding in Paris-based L’Oréal from 23.3% to 20.1% and use the roughly $10 billion in proceeds to fund a new share-buyback program beginning early next year. Nestlé will keep its two seats on L’Oréal’s board of directors.
