L'Oréal completes its participation in the capital of its Spanish affiliates

The L'Oréal Group is to acquire the remaining capital of the Companies which market its products in Spain. This operation is under consideration for approval by the European Commission.

The ensemble of these Companies recorded Spanish sales in the order of two billion French francs in 1996.

This acquisition essentially concerns the purchase of 51% of the capital of Procasa, of which L'Oréal already holds 49%.

Procasa, which manufactures and markets products of the L'Oréal Consumer Division and the L'Oréal Salon Division in Spain, recorded sales in 1996 of close to 1.2 billion French francs. The other companies concerned market the product lines of the Perfumes & Beauty and Active Cosmetics Divisions of the Group.

At the completion of this operation, the L'Oréal Group will hold ail of the outstanding capital of the companies which market its brands in Spain.