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L'Occitane to exit Hong Kong stock exchange / Photo: Peter PARKS - AFP/File
L'Occitane to exit Hong Kong stock exchange
French luxury beauty products firm L'Occitane said Tuesday its shares would be removed from the Hong Kong stock exchange after a public offer had received sufficient support.
The company's main shareholder, Reinold Geiger, launched in April a 1.7-billion-euro ($1.8-billion) offer to acquire the 28 percent of the company he did not already own with the support of US private equity firm Blackstone.
The offer valued the firm, founded in 1976 in France's southern Provence region, at roughly six billion euros.
"This transaction will provide our group with the flexibility to make longer-term business decisions," Geiger said in a statement.
He said the company would continue to pursue its brand-specific and geography specific development strategy.
In addition to its namesake brand, the group also includes French brand Melvita, Eborian in South Korea and British brand Elemis.
L'Occitane listed its shares in Hong Kong in 2010, raising more than $700 million, thanks to optimism over the booming Chinese consumer market.
L'Occitane is present in 90 countries, owning directly some 1,300 of its nearly 3,000 stores.
In earned a net profit of 34 million euros on sales of 1.1 billion in the quarter that ended March 31.
(L.Thomas--TAG)
