Sanofi to sell off stake in Yves Rocher group
6 July 2012 11:21 in Pharmaceutical Company Restructures
Sanofi has announced plans to divest its stake in the personal care company Yves Rocher, in which it has held a commercial interest since 1973.
The agreement will see Sanofi sell off its direct and indirect stake in the group of approximately 19.3 percent to Societe Financiere des Laboratoires de Cosmetologie Yves Rocher.
Following the completion of this deal - which is expected to occur before the end of the third quarter of 2012 - the Rocher family will control more than 95 percent of the company.
This divestiture will allow Sanofi to increase its focus on its core strategy areas and comes after the firm sold off part of its stake in the early 2000s.
Jerome Contamine, executive vice-president and chief financial officer at Sanofi, said: "We are pleased to have been able to support the development of the Yves Rocher group for about 40 years."
Last month, the company formed a new alliance with the Joslin Diabetes Center, which will support the development of new treatments for diabetes and related disorders.
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