Outgoing Nestle (NSRGY) chairman Peter Brabeck cannot predict what the Swiss chocolate company will do with its 23% stake in L'Oreal (LRLCY) following the termination of an agreement between the Nestle and the Bettencourt family, Reuters reports.
The Bettencourt family is the largest shareholder in the French cosmetics company. The agreement states that the two parties cannot increase their stake in L'Oreal during the lifetime of Lilian Bettencourt, and for six months after her death.
Lilian is the 94 year-old daughter of L'Oreal founder Eugene Schuller, and according to Forbes is the richest woman in the world.
"What will happen after Mrs. Bettencourt, very unfortunately, leaves us one day? Who knows what can happen in five or ten years, we certainly wish her a long and healthy life," Peter Brabeck said, according to Reuters.