L’Oréal has reached an agreement to sell 2.3% of its shares in Sanofi back to the company to “optimize” the group's balance sheet. The transaction also comes as part of Sanofi’s share buyback program, which was announced last month . The acquisition agreement will see L’Oréal relinquish approximately 29.6 million of its shares in Sanofi for €101.50 (US$105.77) per share. The deal resulted in a total of US$3 billion.
