L’Occitane owner in advanced talks to take it private - sources (updated)
09/08/2023 05:32
(Updates sourcing throughout)
Aug 9 (Reuters) - L'Occitane International SA's
0973.HK controlling shareholder is in advanced talks on a
potential deal to take the skincare company private ahead of a
possible European listing, according to two people with direct
knowledge of the matter.
The sources declined to be indentified because the
information remains confidential. L'Occitane did not respond to
a request for comment from Reuters.
Bloomberg News earlier on Wednesday reported that the buyout
valued the firm at around $6.5 billion.
Billionaire Chairman Reinold Geiger has been discussing a
possible offer of about HK$35 for each L'Occitane share he
doesn't already own, Bloomberg said, citing people familiar with
the matter. The proposed bid represents a 37% premium to the
company's closing price on Tuesday, according to Refinitiv data.
The stock was placed on a trading halt on Wednesday pending
an announcement from the company.
Geiger has also been speaking to advisers about the
possibility of re-listing the skincare products group on a
European exchange as soon as next year, the sources added.
L'Occitane listed in Hong Kong in 2010 and at the time was
one of the first western companies to sell its primary shares in
the Asian financial hub.
Its shares have fluctuated from a recent peak of HK$31.80
early in 2022 to as low as HK$17.82 in March.
(Reporting by Kane Wu in Hong Kong and Scott Murdoch in Sydney
; additional reporting Shivani Tanna in Bengaluru; Editing by
Dhanya Ann Thoppil and Miral Fahmy)
((ShivaniJayesh.Tanna@thomsonreuters.com;))