L鈥橭real seals acquisition
Print Edition
French cosmetics giant L’Oreal Group will take over Chinese skincare company Magic Holdings International Ltd.
L’Oreal and Magic Holdings said in a joint statement yesterday that they have approval from the Ministry of Commerce to proceed with the takeover and the deal is set to finish in the second quarter this year.
The French company will develop the Chinese brand by contributing its scientific research expertise and leverage its advanced and applied research in China.
L’Oreal proposed to acquire Magic Holdings for US$843 million in August as part of the cosmetics giant’s bid to boost its mass skincare sector.
Magic Holdings will be delisted from the Hong Kong exchange after the completion of the transaction. Magic Holdings is set to become an independent unit under L’Oreal’s Consumer Products Division.
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