Nestle says will detail share buyback when L’Oreal deal closes

Nestle will disclose details of a planned share buyback when the sale of an 8 percent share in L'Oreal closes, its chief financial officer told investors on Thursday. Nestle said on Tuesday it was reducing its stake in L'Oreal to 23 percent, adding it wanted to use part of the proceeds for a share buyback. "We'll give details when the transaction closes," Wan Ling Martello said. Nestle said it expects the deal to close before the end of June.