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L’Oreal has no plans to buy Nestlé’s holding

Jean-Paul Agon, the chief executive of L'Oreal has said the French cosmetics giant has the resources to buy back the €23bn stake Nestlé holds in it, although he steered clear of pledging such a move, Reuters has reported. "I didn't say that we wished to buy Nestlé's holding," Agon said. "I simply said that we had significant financial resources because we have positive cash flow."