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L'Occitane Halts Hong Kong Trading Ahead of Possible Takeover Bid

Published April 9, 2024
Published April 9, 2024

The $5.55 billion French beauty conglomerate L'Occitane halted trading of its Hong Kong–listed shares pending an announcement of a takeover, according to a notification to the bourse.

Founded in Provence in 1976, the company 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. The company last traded at HK$29.5 per share at Monday's market close.

Reinold Geiger, the chairman and controlling shareholder of L'Occitane International, is attempting for the second time to take the company private. Last September, L'Occitane International rejected a buyout offer from Geiger's investment holding company, L'Occitane Group. At the time, L'Occitane Group held more than 72% of L'Occitane International.

Bloomberg reported the buyout would be a take-private deal jointly launched by US private equity giant Blackstone and Geiger. The potential offer price is unclear, but Dealogic March data showed that the average offer price for Hong Kong-listed companies since 2012 was 24% over the company's average share price in the previous month. If the buyout goes through, it would significantly change L'Occitane, potentially transforming it into a private entity.

The group’s portfolio includes L’Occitane en Provence, L’Occitane au Brésil, Melvita, Erborian, startup lab Duolab launched in 2020, LimeLife by Alcone, Elemis and Sol de Janeiro.


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