The CEO of L’Oréal, Jean-Paul Agon has revealed that the French beauty giant is ready to buy Nestle’s €23 billion stake should the food manufacturer decide to sell, according to a report published by the Financial Times.

“We have all the resources for that. We are cash rich… we have our Sanofi stake, we are absolutely financially very solid and we have what it takes to do anything,” Agon told the Financial Times in an interview.

L’Oréal reported net profit of €3.58 billion, up 15.3 percent over the course of 2017, driven by strong performances from its luxury division and in Asia. Sales were up 4.8 percent (like-for-like), reaching €26 billion.