L'Occitane stocks surge in Hong Kong after privatisation offer

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Shares in French skincare giant L'Occitane jumped almost 13 percent in Hong Kong on Tuesday as they resumed trading after its owner offered to take it private. The offer, submitted with the support of US private equity giant Blackstone, concerns nearly 28 percent of the shares.

Celebrate Youth Month with Briefly News! Nominate a young entrepreneur under 35 with an inspiring story to be our 7th 'Young Money Maker'. Let's shine a light on their achievements together!Shares in French skincare giant L'Occitane jumped almost 13 percent in Hong Kong on Tuesday as they resumed trading after its owner offered to take it private.

Austrian billionnaire Reinold Geiger said he would buy back all the shares he does not own for nearly US$1.78 billion, the company said in a statement to the city's stock exchange on Monday night. The offer, submitted with the support of US private equity giant Blackstone, concerns nearly 28 percent of the shares.The offer price of HK$34 per share was a 15.25 percent premium to its closing price of HK$29.50 when the company halted trading three weeks ago ahead of the offer.

L'Occitane International in September rejected an offer from Geiger's investment holding company, L'Occitane Group, which at the time owned more than 72 percent of the firm. Founded in France's southern region of Provence in 1976, the luxury cosmetics retailer listed in Hong Kong in 2010.

 

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