Neville Prior 7 August 2012 09:26:01 AM
Sanofi and the Yves Rocher Group announced recently the execution of an agreement pursuant to which Sanofi will divest its direct and indirect stake of approximately 19.3 percent in the Yves Rocher Group to Société Financière des Laboratoires de Cosmétologie Yves Rocher, subject to certain closing conditions. Upon closing of this transaction, which is expected to take place before the end of the third quarter, the Rocher family will control more than 95 percent of the Group's capital. The transaction consideration is undisclosed.
Sanofi acquired a stake in the Yves Rocher Group's capital in 1973 and divested part of its stake in the early 2000s. "We are pleased to have been able to support the development of the Yves Rocher Group for about 40 years,” said Jérôme Contamine, Executive Vice President, Chief Financial Officer, Sanofi. "The decision to divest is in line with the Group’s objectives to focus on its strategic activities.” Turning the page on this long-standing relationship with Sanofi, Bris Rocher, Chairman and Chief Executive Officer of the Yves Rocher Group, declared, "I thank Sanofi for this long-standing partnership and their support and contribution over the years."