The deal will diversify the French beauty giant’s funding sources at a time when the industry is undergoing a slowdown.

L'Oréal, the French cosmetics giant, has announced a significant restructuring of its investment in pharmaceutical company Sanofi through an off-market block trade. The transaction involves the sale

Cosmetics company L’Oreal SA is selling a €3 billion ($3.1 billion) stake in Sanofi back to the French drugmaker, cashing in part of its holding after Sanofi’s shares outperformed the market over the past year.

French pharmaceutical company Sanofi said on Monday that it plans to buy back shares from cosmetics firm L'Oréal. Sanofi said the acquisition would be of 2.3% of its shares from L'Oréal. This transaction is part of a share buyback programme announced on January 30,