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Cosmetics group L'Oreal fined by French tax authorities

Cosmetics group L'Oreal fined by French tax authorities
FILE PHOTO: A cosmetic display of French cosmetics group L'Oreal is seen at a duty free shop at the Nice International Airport, in Nice, France, October 10, 2018. REUTERS/Eric Gaillard -
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ERIC GAILLARD(Reuters)
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PARIS (Reuters) – L’Oreal <OREP.PA> said on Friday it had reached a settlement with French tax authorities to solve a fiscal dispute involving three of its units.

The settlement amounts to around 320 million euros (281.26 million pounds), the French cosmetics group said.

“This will be recorded as an exceptional charge for 2019 and will have no significant recurrent impact in the future”, L’Oreal added in a statement.

(This story refiles to add missing word in headline)

(Reporting by Matthias Blamont; Writing by Matthieu Protard, Editing by Sarah White)

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