Liliane Bettencourt of the founding family to the L’Oréal cosmetics empire passed at the age of 94.
Born in Paris on Oct. 21, 1922, her life was not without controversy. Her daughter L’affaire Bettencourt filed a lawsuit for her mother when she was swindled and taken advantage of by a photographer names François-Marie Banier- 25 years younger than Liliane.
Banier was accused of robbing her of an art collection, annuities, and money. Her daughter fought for her in court stating her mother was not completely mentally aware and very frail. The man was criminally charged, and sentenced to three years in prison.
Scandals continued for the Brettencourt family when in 2010 her butler leaked information about $98 million kept in Swiss bank accounts to avoid taxes. She was accused of illegal campaign contributions to Nicolas Sarkozy, who ran for election in 2007 for the French Presidency.
Liliane’s net worth as reported by Forbes was $44.3 billion, including her stake in L’Oreal as a majority shareholder.
What’s next for the L’Oreal cosmetic empire?
First off, Dan Loeb of Third Point, a venture capital company took a $3.5 billion dollar stake in Nestle. It is about 1.25% of Nestlé’s shares. Nestle’s brands include Purina Cat Chow, Kit Kat, and Haagen- Dazs ice cream to name a few.
Third Point has a 23% stake in the French cosmetics company, L’Oréal SA. Third Point Ventures is the venture capital arm of Third Point LLC, a registered investment adviser located in New York.
Third Point may sell its stake in L’Oréal, worth now about $25 billion. The company says it is open in talking about creating long-term value to optimize its capital return for its shareholders.There could be a possibility of L’Oréal stake to be divested via an exchange offer for Nestlé
Françoise Bettencourt-Meyers, daughter of Liliane has a 30 percent hold on her assets that are placed in a trust.Françoise Bettencourt-Meyers is now the richest woman in the world. According to Bloomberg- she is worth $42.3 billion. Click here to see the video-
This article was sponsored by AZ Publishers- http://www.azpublishers.com
Photo credit: Ana Botella Crew Flickr