L’Oreal Sells €3 Billion of Sanofi Stock Back to Drugmaker (2)

Cosmetics giant L’Oreal SA is selling a €3 billion ($3.1 billion) stake in Sanofi back to the French drugmaker, cashing in part of its holding after Sanofi’s shares outperformed the market over the past year.

L’Oreal is selling 29.6 million shares at €101.50 each, the companies said in statements Monday. After the sale, L’Oréal will own 7.2% of Sanofi’s share capital, down from about 9.4%, and 13.1% of its voting rights.

The price is a 2.8% discount to where Sanofi shares closed Friday. Shares of Sanofi fell as much as 0.63% in Paris to €103.74. L’Oreal fell as much as ...