Uk news
L’Occitane International’s shares rose sharply after a report that Blackstone is considering a explain for the skincare company.
L’Occitane’s shares
973,
won 9.4% to 28.forty five Hong Kong greenbacks in early Asian trade Tuesday, on monitor for its biggest each day share create since final Might perhaps well presumably perhaps.
Non-public equity firm Blackstone
BX,
has been conducting preliminary due diligence because it mulls a potential offer for the skincare company, Bloomberg reported, citing folks conversant in the topic. Blackstone shall be considering the chance of teaming up with L’Occitane’s billionaire chairman Reinold Geiger on a buyout, the report mentioned.
L’Occitane didn’t straight respond to a requirement for commentary by Dow Jones Newswires.
Plans for taking on L’Occitane are no longer unique, as Geiger considered taking the company non-public final year. L’Occitane subsequently mentioned it had been told by the controlling shareholder on Sep. 3 that “it has determined no longer to proceed with the potential transaction,” basically based totally on an alternate filing.
Geiger owns about 73% of L’Occitane International, which currently has a market capitalization of HK$41.95 billion (US$5.36 billion), basically based totally on FactSet.
