Blackstone nears take-private deal for L'Occitane, Bloomberg News reports (updated)
09/04/2024 03:34
(Updates with details in paragraphs 3 & 5, adds source comment
in paragraph 4 and background in paragraphs 6-7)
April 9 (Reuters) - Blackstone Inc BX.N is nearing a
take-private deal for Hong Kong-listed skincare company
L'Occitane International SA 0973.HK , Bloomberg News reported
on Tuesday, citing people familiar with the matter.
The $5.55-billion French cosmetics company earlier in the
day halted trading in its Hong Kong shares ahead of an
announcement that may potentially spell out details on any
takeover plans.
The U.S. private equity giant may join hands with L'Occitane
billionaire owner Reinold Geiger, according to the report.
Blackstone has been exploring a deal with L'Occitane,
but the structure of the deal is not immediately clear, a person
with knowledge of the matter told Reuters, but requested
anonymity as the information was private.
Blackstone declined to comment, while L'Occitane could not
be immediately reached.
Bloomberg had in February reported that Blackstone was
considering a bid for L'Occitane, which sent the French firm's
shares surging to their highest levels in two years.
Austrian billionaire Geiger, the controlling shareholder
of L'Occitane, had decided against a deal to take the company
private last September, triggering a drag in the shares.
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Sherry
Jacob-Phillips)
((Rishav.Chatterjee@thomsonreuters.com;))