#Fashion

The owner of L’Occitane is reportedly preparing a €7 billion takeover bid


The chairman and majority shareholder of L’Occitane International (L’Occitane en Provence, Sol de Janeiro, Melvita…), Reinold Geiger, is reported by Reuters to be on the verge of delisting the French cosmetics group from the Hong Kong stock exchange. According to the news agency, which cites sources close to the matter, the deal would value the group at around 7 billion dollars (6.5 billion euros), including debt.

Reinold Geiger – Bloomberg

The Austrian billionaire is expected to make a proposal this Monday of 33 to 34 Hong Kong dollars for the shares he does not yet own.

On April 9, Reuters reported that Reinold Geiger was in advanced discussions with investors and banks, and that an announcement could be made in the next few days. The news agency explained that American private equity giant Blackstone could finance the deal by issuing debt.

L’Occitane, which generated sales of €2.1 billion in its last financial year ending March 31, 2023, had suspended trading in its shares earlier in the day.

The L’Occitane group has been listed on the Hong Kong stock exchange since April 2010. At the time, the French cosmetics company, which had a much smaller portfolio, generated 40% of its sales in Asia. Today, it is the Americas region, boosted in particular by the acquisition of the Sol de Janeiro brand, that is driving the group’s growth, although Asia remains its main business market.  
 
 With Reuters

Copyright © 2024 FashionNetwork.com All rights reserved.



Source link

Leave a comment

Your email address will not be published. Required fields are marked *