L'Oreal seeks to buy Chinese skincare company Magic Holdings
PARIS Aug 15 (Reuters) - L'Oreal has offered to acquire skincare company Magic Holdings International for HK$6.30 per share, representing a 25 percent premium over its last closing price.
Paris-based L'Oreal, the world's largest cosmetics group, announced its move for the Hong Kong-listed company on Thursday and said that it is supported by Magic's board of directors.
"Six key shareholders, representing 62.3 percent of the company's equity, are already committed to supporting L'Oreal's proposal," the French company said in a statement, adding that the deal would be subject to approval from the Chinese Ministry of Commerce.
(Reporting By Alexandria Sage; Editing by David Goodman)