Billionaire chairman Geiger has been exploring various financing options for the potential deal, sources said. — Bloomberg
PARIS: L’Occitane International SA’s controlling shareholder is considering a move to take the skin-care company private, people with knowledge of the matter say.
Billionaire chairman Reinold Geiger is studying the possibility of buying out minority shareholders of the Hong Kong-listed group, the people said, asking not to be identified because the information is private.
He’s been exploring various financing options for the potential deal, according to the people.
Shares of L’Occitane rose as much as 9.8% in early trading yesterday, the biggest advance in a month.
The stock has fallen 14% over the past 12 months, giving the company a market value of about HK$33bil (US$4.2bil or RM19.15bil). A vehicle ultimately controlled by Geiger owns more than 70% of L’Occitane, exchange filings showed.
The company’s portfolio includes L’Occitane en Provence, inspired by the lavender fields of southern France, and Melvita organic beauty products.
It also owns the Elemis line of collagen creams, as well the Grown Alchemist range of anti-aging serums and South Korean skin-care brand Erborian.
L’Occitane, which is based in Luxembourg and Geneva, and its backers raised US$787mil (RM3.59bil) in the company’s 2010 initial public offering, according to data compiled by Bloomberg.
It listed in Hong Kong at a time when a number of Western consumer companies were seeking to boost exposure to the fast-growing consumer market in China. — Bloomberg
