L'Oréal Paris heiress Liliane Bettencourt was ruled unfit to handle her affairs by a Judge in France yesterday.
She has been placed under the guardianship of her 25-year-old grandson Jean-Victor Meyers, while her holdings will be looked after by daughter Françoise Bettencourt Meyers.
Bettencourt suffers from mixed dementia” and moderately severe” Alzheimer’s disease, according to a medical report given to the Judge.
Bettencourt’s lawyers have announced they will be appealing the decision.
The Bettencourt Myers family have released a statement saying the legal action was guided by the sole wish to see their mother and grandmother truly protected. It is a great relief for them today that justice has recognised their position.”
Françoise has previously revealed concerns that photographer Fracois-Marie Banier was taking advantage of Bettencourt’s ill health.
UBS analyst Eva Quiroga does not believe the decision will change anything in regards to the running of L’Oréal.
Concerning L’Oréal, the [Bettencourt] family holding Téthys will continue to exercise alone the family’s voting rights,” revealed the statement released by the Bettencourt Meyers. Moreover, the ruling does not change the agreements made in 2004 between the Bettencourt family and Nestlé, and thus the balance of both the shareholding and L’Oréal board of directors.
Françoise Bettencourt Meyers and her children, Jean-Victor and Nicolas, wish to say once again [they have a] profound bond with L’Oréal and [an] unspoilt wish to continue [supporting] its future development.”