L'Oreal, Total Each Pledge EUR100 Million to Notre Dame Restoration

Date : 16/04/2019 @ 16h36
Source : Dow Jones News
Valeur : Lvmh Moet Hennessy Vuitton SE (MC)
Cours : 378.75  0.65 (0.17%) @ 12h38
Lvmh Moet Hennessy Vuitton Cours Graphique

L'Oreal, Total Each Pledge EUR100 Million to Notre Dame Restoration

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   By Cristina Roca 

France's L'Oreal SA (OR.FR) and Total SA (FP.FR) have pledged hundreds of millions of euros to help fund the reconstruction of Notre Dame cathedral, joining an outpouring of support to rebuild the Paris landmark after a devastating blaze on Monday night.

Cosmetics company L'Oreal said Tuesday it will donate 100 million euros ($113 million) together with the Bettencourt family, its main shareholder. Separately, Chief Executive Patrick Pouyanne of energy major Total said his company will also give EUR100 million.

Earlier in the day, two of France's richest businessmen said they will contribute a total of EUR300 million to the reconstruction efforts.

Bernard Arnault, chairman and chief executive of LVMH Moet Hennessy Louis Vuitton SE (MC.FR), said that his family and the luxury-goods company that it controls will donate EUR200 million to a fund dedicated to the reconstruction of Notre Dame.

Fellow billionaire and Kering (KER.FR) Chief Executive Francois-Henri Pinault said his family, which controls the LVMH rival, will donate EUR100 million to the effort as well.

"Faced with this tragedy, everyone wishes to give life back to this jewel of our heritage as soon as possible," Mr. Pinault said.

A handful of other French business heavyweights have also stepped up with promises of donations and non-financial help.

French advertiser JCDecaux SA (DEC.FR) on Tuesday said it will contribute EUR20 million, as well as advertising space to help attract funds and the expertise of its employees to assist in the restoration.

Credit Agricole SA (ACA.FR) said it will immediately release a first donation of EUR5 million for the reconstruction of the UNESCO monument, while Capgemini SE (CAP.FR) said it will put up EUR1 million.

Fimalac CEO Marc Ladreit de Lacharriere has pledged EUR10 million, according to a spokeswoman for the investment firm, while Bouygues SA (EN.FR) Chairman Martin Bouygues said he will contribute EUR10 million to the restoration fund together with his brother, Olivier.

Separately, the industrial group's Bouygues Construction subsidiary also said it plans to participate in the restoration project.

"The Bouygues group shares fully in the grief felt at the tragic fire in Notre Dame cathedral in Paris," the company said in a statement.


Write to Cristina Roca at cristina.roca@dowjones.com


(END) Dow Jones Newswires

April 16, 2019 10:21 ET (14:21 GMT)

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