Sanofi (SNY) said Monday that it will repurchase about 29.6 million common shares, equivalent to 2.3% of its share capital, from L'Oreal for a total of 3 billion euros ($3.07 billion.)
The company said the buyback price of 101.50 euros per share represents a 2.8% discount to the stock's Friday closing price.
Sanofi expects to complete the buyback "in the coming days" and plans to cancel the repurchased shares by April 29. Following the cancellation, L'Oreal will own a 7.2% stake in Sanofi, according to the statement.
The buyback is part of Sanofi's share repurchase program announced on Jan. 30.
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