L`Occitane network may be bought out for $6.5 billion – Kommersant
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Billionaire Reynold Geiger, chairman of the board and largest shareholder of the French cosmetics manufacturer L`Occitane, intends to become the sole owner of the company. This is reported with reference to its own sources. Bloomberg.
According to the agency, Mr. Geiger wants to buy back all the shares he does not already own at a price of HK$35 each, 37% above their market value at the close of trading yesterday, August 8. Now Reinold Geiger’s company owns more than 70% of the share capital of L`Occitane. Mr. Geiger estimated the seller of cosmetics at $6.5 billion.
Trading in the shares of the French manufacturer on the Hong Kong Stock Exchange has been suspended pending the announcement of Reynold Geiger’s impending deal with the rest of the shareholders. According to Bloomberg, the chairman of the board has already raised the necessary funds to complete the deal. Negotiations are at an advanced stage and a deal could be announced in the coming days.
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