date:Sep 11, 2013
rating its $11.9 billion acquisition of Pfizer's baby food business, which it funded with the Alcon proceeds.
JP Morgan Cazenove says one scenario could be that L'Oreal buys the Nestle stake in three tranches over four years, which it estimates would lift L'Oreal's 2018 earnings by 23 percent.
It would be difficult for L'Oreal to buy more than 10 percent a year as companies are limited in the amount of share capital they can cancel every two years.
Unlike Nestle, L'Oreal is outperforming its