L'Oréal, the world's largest cosmetics group, is to unfold the Chinese box structure that has protected it from hostile takeovers for the past 30 years.

The move, along with plans to scrap double voting rights, is one of the most sweeping shareholder-oriented reforms to be undertaken by a French company in recent years. It will shine the spotlight on other French groups, such as Lagardère, Pinault Printemps Redoute and LVMH, where managers with a minority stake control management and shareholder votes through complex financial structures.