Nestle buys Galderama from L'Oreal

Swiss food and drink giant Nestle and French cosmetics company L’Oreal have approved a deal to transfer ownership of Swiss dermatology pharmaceuticals company Galderma.

The companies say L’Oreal will buy 48.5 million of its own shares, or 8% of its share capital, from Nestle and give Nestle its 50% stake in Galderma, which has been a 50/50 joint venture between them.