French drugmaker Sanofi will face market scrutiny over what it plans to do with its cash as the prospect of a massive buyback of its shares held by L’Oreal fades. French cosmetics firm L’Oreal and Nestle loosened a 40-year partnership on Tuesday when L’Oreal said it would buy 8 percent of its capital for 6.5 billion euros ($9 billion) from the Swiss food group - but did not need to sell any of its Sanofi shares to fund the deal. L’Oreal thus remains Sanofi’s biggest shareholder with a stake of close to 9 percent, worth about $12 billion, and its Chief Executive Jean-Paul Agon told a conference call that L’Oreal was “very happy” with that situation.
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