But the matter goes beyond the strict family

Just a year ago, l ' Oréal and Nestlé renewed their shareholders Pact. For better or for worse, "whatever the circumstances", said the official press release. And the worst is here. The tribunal de grande instance de Nanterre today looks at the first part of the complaint of Françoise Bettencourt-Meyers against François-Marie Banier, the dear friend of his mother, Liliane Bettencourt, first shareholder of l ' Oréal. She suspected of abusing the generosity of the old elderly woman of eighty-seven years. This social photographer, become the intimate of the third French fortune at the head of a rated heritage according to the sources between 12 and 18 billion euros, pays the Chronicle for several months from 1997 to 2007, Liliane Bettencourt handed it to almost EUR 1 billion in various donations. But the matter goes beyond the strict family. Holder of 30.8 of the capital of l ' Oréal, alongside Nestlé, which has him, 29.6, Liliane Bettencourt holds the keys to one of the glories of the domestic industry. Hence the multiple concerns circulating. Will the family battle questioning the internal balance of the Group at the pass into the hands of the Swiss giant For several weeks, carrying the evening visitors to dire scenarios move to the Ministry of finance. It intersects former leaders of the group or managers of companies competing but "friendly", falsely disinterested. Christine Lagarde advisors listen to them, serious, but take their distance by fear to be manipulated. Nonetheless, "it must remain careful, not to let go l ' Oréal", one of them blows.

Can l ' Oréal "go" Are the relationship between the mother and daughter so deteriorated that they could cut the legacy of the empire built by Eugène Schueller, their father and grandfather Each of the two parties suspect each other. Françoise who is suspected in the first place want to sell its shares in Nestlé is, then it is his mother who would have initiated discussions with the Swiss... The market speculates at will, to wrap then calm through the twists and turns of this bad vaudeville. "These rumours are baseless," storm Liliane Bettencourt lawyer, Georges Kiejman. Because, basically, everyone knows that, despite the anger which pincer the mother and daughter, their reports are framed by solid legal documents.

Family tradition

In 1992, Liliane Bettencourt decides to commit the family tradition. As his father had done for her, the heiress of Eugène Schueller passes the nue-propriété of its shares to his daughter and his two grandsons, while retaining the usufruct. Clair, Françoise and his two sons have titles, Liliane, it affects the dividends. Participation is owned via Tethys, the family holding company, whose Liliane owns all the shares in usufruct. Nothing here as very banal. But, when examined closely, the deed of gift already reveals some caution in the relationship between the mother and daughter. Thus, contrary to practice generally (and what Act recommends), Liliane Bettencourt reserves all the rights to vote. A way of saying that, during her lifetime, l ' Oréal, is it and it alone.

The successive leaders of the Group were well understood. She cherishes and make they him it well: the scene is going to the General Assembly of l ' Oréal April 22, 2008. The tribune, Lindsay Owen-Jones responds, already, to the concern of the shareholders who questioned the role of Nestlé: "there is no reason to believe that the family can what either wanting to modify its commitment to its Centennial investment in the l ' Oréal company.". I am pleased to tell you in this respect that Mrs. Bettencourt, is beautiful, smiling, in full form. I am of course pleased to report its presence. "Apart from Liliane, Françoise has the face closed, even if, for good measure,"oj"adds that" his daughter has already signed with her Liliane Bettencourt a joint statement to express the same attachment to l ' Oréal. A commitment which the instrument is the right to vote. "The power of Mrs Bettencourt does is in reality only in the General Assembly, i.e. once a year", said Olivier Metzner, counsel for Françoise Bettencourt. It's already a lot, because if her daughter sits with her mother at the Board of Directors of l ' Oréal including her husband, Jean-Pierre Meyers, ensures the Vice Presidency, it has only a consultative voice. As the Board of Directors is chaired by faithful sir Owen-Jones after he gave the business reins to Jean-Paul Agon. In addition, the deed of gift contains a provision which expressly prohibits Françoise sell or dispose in any way the actions which it is nue-propriétaire. And to do well

understand, the clause that one feels written Liliane, precise hand that: "this clause is determinative of the present liberality without which it would not have agreed the present gift (sic)." In fact, Liliane Bettencourt has never really wanted share with her daughter his power over l ' Oréal.

On the key

But Françoise is interested really Intellectual that his mother knows sometimes indulge fantasy, she prefers her piano and the works of spirituality in this world that appears perhaps too "bling-bling". Nevertheless, l ' Oréal, is the backbone of the family. The company created by Eugène Schueller, loved grandfather. The only relationship that still with a mother with whom she has never really communicated.

Françoise suffers from being on the key. Then, when the rumor referred to the entry of François - Marie Banier to the Board of Directors, or even its eventual adoption by Liliane, giving it the potential power to take a share in the capital of l ' Oréal, Françoise saw red and launched the procedure for "abuse of weakness". "The action of Françoise Bettencourt-Meyers is not to take control of l ' Oréal, everything is already set on this side there," said Olivier Metzner. No doubt, but it nonetheless is designed to prevent that another takes his place which he returns after so many years.

Entente cordiale

This leaves Nestlé. Can the group override agreements between the two women and take control of l ' Oréal Some analysts lend him in intent. However, life of Liliane Bettencourt, it seems totally impossible. It is thirty-five years that the two groups play the entente cordiale. In 1972, François Dalle, now deceased, who was the first is the idea of combining l ' Oréal, which he heads, to a large foreign group. The goal is to develop the family business from the threat of nationalization of the joint programme of the left. March 26, 1974: Liliane Bettencourt agrees to share a small half of its 54 of l ' Oréal against 4 of Nestlé. The daughter of Eugène Schueller nevertheless retains control of 51 of the holding company Gesperal enterprise, the remainder returning to the Swiss group who agrees to maintain its Gesperal shares for 20 years, in Exchange, he reserves a right of pre-emption of thirty years on the Bettencourt shares. The share of each is then frozen "life during" of Liliane. What specifically prohibited to Nestlé in the capital of the Group of beauty.

The agreement expires in 2004. Lindsay Owen-Jones, who took the direction of l ' Oréal, dearly negotiate an end to the control Gesperal on l ' Oréal. Nestlé directly becomes shareholder in the group to 29.6. The family, she creates Tethys, in which Liliane and daughter retain control of l ' Oréal with 30.8 percent of the capital. Negotiations with Peter Brabeck-Letmathe, Chairman of Nestlé, were tough. Since 1990, the Swiss group cache over his ambition to control l ' Oréal. The agreement signed on 3 February 2004 provides a clause of non-transferability of the respective interests of Nestle and the Bettencourt. It is this provision that ended as agreed on April 29, but the pre-emption clause remains. The two shareholders continue to act in concert for the cosmetics company. If he decided to sell its shares, Nestlé in priority should propose to the founding family of l ' Oréal, and vice versa, and it until 2014. But neither one nor the other seems determined to do so, although Paul Bulcke, Nestlé's new boss, has also to l ' Oréal in sights. And agri-food group, after having sold its subsidiary of Ophthalmology Alcon in 2008, now largely has the means to get their hands on the multinational. Still he would have to spend nearly 45 billion euros taken totally under his Cup. "Nestlé is clearly engaged in agreements do not take control of the l ' Oréal company lifetime of Ms. Liliane Bettencourt, as well as a period of six months after his death", says Didier Martin, counsel for l ' Oréal. Failing to comply with this promise, it could be held responsible for bad financial information, which can be a criminal offence. Then, Nestlé ronge its brake and waits for its time. In any event, nothing prevent him to launch a takeover bid after the past six months period.

In "Theorem", Pasolini, a young boy, Angel and demon, is introduced in a watch bourgeois family and gangrene of the interior until the final explosion. But all that it is cinema. After the death of Liliane, Françoise Bettencourt-Meyers and his children, and only them, will have to face the appetites of Nestlé...

The actors of the Bettencourt case on lesechos.fr.diaporamalesechos.fr.diaporama