L’Oréal Stock Split Scrapped for Now

PARIS — L’Oréal executives made a last-minute decision to withdraw a resolution regarding a stock split slated to be voted on during the company’s annual general meeting held here Thursday. The French beauty giant’s chairman and chief executive officer, Jean-Paul Agon, said dividing the stock in half could, under certain cases, result in negative fiscal consequences for shareholders. L’Oréal therefore has asked for further information regarding the impact from the French administration. L’Oréal’s board withdrew the resolution, which will be up for discussion and for possible vote next year. The company stock, which trades at 182.85 euros, or $196.88, on Paris’ CAC 40, has not been split since 2000. The resolutions up for vote were approved. These include Agon’s remuneration for 2016, which was raised to 4.2 million euros, or $4.5 million. The executive is also up for 32,000 performance shares in four years. Françoise Bettencourt Meyers, granddaughter of L’Oréal’s founder, Eugène Schueller, had her seat on L’Oréal’s board renewed for another four years. Paul Bulcke was approved to replace Peter Brabeck-Letmathe — his predecessor at the helm of Nestlé — on L’Oréal’s board.

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