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L'Oreal wins approval to buy Chinese skincare firm Magic Holdings
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FRENCH cosmetics giant L'Oreal Group said it has gotten a regulatory nod for its US$843 million bid for Hong Kong-listed skincare company Magic Holdings International Ltd.
L'Oreal and Magic Holdings said in a joint statement yesterday that they have won approval from the Ministry of Commerce to proceed with the acquisition. The deal is expected to be completed in the second quarter of this year, they said.
L'Oreal proposed to buy Magic Holdings in August in a bid to strengthen its mass-market skincare sector.
Magic Holdings' shares are scheduled to be delisted from the Hong Kong bourse after completion of the transaction.
The French company had said it intends to develop the Chinese brand by contributing its scientific expertise and leveraging its advanced and applied research in China.
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