L'Oreal gets greenlight to buy Chinese skincare company
Published on Jan 14, 2014 6:39 AM
PARIS (AFP) - French cosmetics giant L'Oreal said it had received the official greenlight for its US$843 million (S$1.1 billion) bid to acquire the Hong Kong-listed facial care company Magic Holdings International.
The bid of HK$6.30 per share is worth a total of HK$6.53 billion (S$1.1 billion) and was approved by China's commerce ministry, the companies said in a joint statement.
Magic's MG brand is one of the leaders in China's fast-growing cosmetic facial mask market.
Present in China since 1997, L'Oreal has 3,500 employees in the country where it operates two plants and a research centre.
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