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L鈥橭real to buy Chinese skincare firm Magic Holdings
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FRENCH cosmetics giant L’Oreal Group said it has agreed to buy Chinese skincare company Magic Holdings International for US$840 million to strengthen its skincare sector.
L’Oreal’s proposal has received support from six key shareholders of Magic Holdings, which owns about 62.3 percent of the company, according to a joint statement yesterday.
L’Oreal will pay HK$6.3 (81 US cents) apiece for Magic Holdings’ shares, representing a 26 percent premium over the average closing price in the past 30 trading days.
“L’Oreal intends to develop the Chinese brand by contributing its scientific research expertise and leveraging its advanced and applied research in its China Research & Innovation center and across the world,” it said in the statement.
Hong Kong-listed facial masks producer Magic Holdings reported 1.2 billion yuan (US$196.3 million) in sales last year, up 29 percent from a year ago, and a profit of 176 million yuan. Its shares will be delisted after the completion of the acquisition.
L’Oreal has the largest market share in both color cosmetics and the skin care sector, according to market research firm Euromonitor International.
The acquisition of Magic Holdings is expected to consolidate L’Oreal’s position in the mass skincare market.
The deal is still subject to Ministry of Commerce’s approval.
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