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Specifics about L'Oreal. https://www.loreal-finance.com/eng/registered-shares-loyalty...

General discussion of the concept in France. http://jpkoning.blogspot.com/2016/09/the-french-shareholder-...

> Despite ensuing controversy in the French legislature over the fairness of elevating one class of shareholder above the rest, the ability to provide prime de fidélité was enshrined in French law in 1994, with several limits.

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Thanks a lot for the information!

So indeed they provide you with a different share class. What is amazing though is that they have what look like an automated process to convert your shares from public to registered (private with fidelity bonus).

Reselling these shares is not really explained in the page though. They seem to imply that your broker will swap them for regular shares that you can then sell on the market.

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