Thursday's passing of Liliane Bettencourt, the billionaire heiress of L'Oreal founder Eugene Schueller, has thrown the future of the world's leading cosmetics company up in the air. That would certainly please some Nestle investors, chief among them hedge fund star Dan Loeb, who disclosed a $3.5 billion stake in Nestle in June. L'Oreal had revenues of €25.8 billion ($31 billion) in 2016, making it the world's biggest cosmetics company. Nestle first bought a stake in L'Oreal in 1974, when the family was worried about the company being nationalized. Related: Liliane Bettencourt, L'Oreal heiress and the world's richest woman, diesBettencourt joined her father's company as a 15-year old apprentice, and inherited his stake in 1957.

Source: CNN September 22, 2017 13:56 UTC