PARIS, March 3 (Reuters) - Francoise Bettencourt Meyers, scion of the L'Oreal group, on Wednesday pledged to continue supporting the French cosmetics giant, responding to speculation she could sell her stake to co-shareholder Nestle.
Bettencourt, who is to fully inherit the 31 percent holding when her mother Liliane dies, said a recent mother-daughter dispute had no impact on the family's commitment to the group.
L'Oreal shares rose to their highest in almost two years on Tuesday after the Daily Telegraph published a report which said Nestle was in informal talks to buy Liliane Bettencourt's stake.
Nestle has been a shareholder of L'Oreal since 1974 and owns 30 percent of the French cosmetics giant.
'Pretending that... Francoise Bettencourt Meyers would have initiated the current legal proceedings... with the secret aim of selling the family holding to Nestle as quickly as possible, is ... judicial nonsense,' said Francoise Bettencourt Meyers and her husband Jean-Pierre Meyers in a statement sent to Reuters by their lawyer.
Francoise Bettencourt Meyers has taken legal proceedings against her mother's photographer friend Francois-Marie Banier whom she alleges, received more than 1 billion euros ($1.37 billion) since 2002 from Liliane Bettencourt and took advantage of her weakness.
Banier denies any wrongdoing. Court hearings are due in July.
The Bettencourt family and Nestle signed an agreement in 2004 which prevents Nestle from increasing its stake until six months after 87-year-old Liliane Bettencourt's death.
In April last year, Nestle and the Bettencourt family said they planned to continue working together after their shareholder pact expired on April 29.
Francoise Bettencourt Meyers added that she 'wished to express her wish, and that of her family, to continue to accompany with responsibility and engagement L'Oreal's future development.'
L'Oreal shares fell 1.26 percent to 78.67 euros at 1702 GMT while the CAC 40 of blue chips was up 0.8 percent.
Paris-based L'Oreal, which owns brands such as Garnier shampoo, Vichy creams and Kiehl's essential oils, celebrated its 100th anniversary last year and has about 15 percent of the world cosmetics market.
(Reporting by Thierry Leveque and Astrid Wendlandt; Editing by Sharon Lindores)
($1=.7328 Euro) Keywords: LOREAL NESTLE/ (astrid.wendlandt@reuters.com;+331 4949 5440; Reuters Messaging : astrid.wendlandt.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Bettencourt, who is to fully inherit the 31 percent holding when her mother Liliane dies, said a recent mother-daughter dispute had no impact on the family's commitment to the group.
L'Oreal shares rose to their highest in almost two years on Tuesday after the Daily Telegraph published a report which said Nestle was in informal talks to buy Liliane Bettencourt's stake.
Nestle has been a shareholder of L'Oreal since 1974 and owns 30 percent of the French cosmetics giant.
'Pretending that... Francoise Bettencourt Meyers would have initiated the current legal proceedings... with the secret aim of selling the family holding to Nestle as quickly as possible, is ... judicial nonsense,' said Francoise Bettencourt Meyers and her husband Jean-Pierre Meyers in a statement sent to Reuters by their lawyer.
Francoise Bettencourt Meyers has taken legal proceedings against her mother's photographer friend Francois-Marie Banier whom she alleges, received more than 1 billion euros ($1.37 billion) since 2002 from Liliane Bettencourt and took advantage of her weakness.
Banier denies any wrongdoing. Court hearings are due in July.
The Bettencourt family and Nestle signed an agreement in 2004 which prevents Nestle from increasing its stake until six months after 87-year-old Liliane Bettencourt's death.
In April last year, Nestle and the Bettencourt family said they planned to continue working together after their shareholder pact expired on April 29.
Francoise Bettencourt Meyers added that she 'wished to express her wish, and that of her family, to continue to accompany with responsibility and engagement L'Oreal's future development.'
L'Oreal shares fell 1.26 percent to 78.67 euros at 1702 GMT while the CAC 40 of blue chips was up 0.8 percent.
Paris-based L'Oreal, which owns brands such as Garnier shampoo, Vichy creams and Kiehl's essential oils, celebrated its 100th anniversary last year and has about 15 percent of the world cosmetics market.
(Reporting by Thierry Leveque and Astrid Wendlandt; Editing by Sharon Lindores)
($1=.7328 Euro) Keywords: LOREAL NESTLE/ (astrid.wendlandt@reuters.com;+331 4949 5440; Reuters Messaging : astrid.wendlandt.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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