French beauty brand L'Occitane halts Hong Kong trading over takeover
Date
4/10/2024 12:17:26 PM
(MENAFN- AFP)
French beauty company L'Occitane on Tuesday halted trading of its Hong Kong-listed shares pending an announcement of a takeover, according to a company notice to the bourse.
The buyout would be a take-private deal jointly launched by US private equity giant Blackstone and L'Occitane's billionaire owner Reinold Geiger, Bloomberg reported.
The $5.55 billion Hong Kong-listed L'Occitane International rejected last September a buyout offer from Geiger's investment holding company, L'Occitane Group.
At the time, L'Occitane Group held more than 72 percent of L'Occitane International.
Bloomberg reported in February that Blackstone had been conducting preliminary due diligence for a potential bid for L'Occitane International.
Founded in France's southern region of Provence in 1976, the luxury cosmetics retailer went public in Hong Kong in 2010.
Its share price peaked in 2022 at HK$32.45 ($4.14), more than double its IPO price.
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