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L'Oreal in talks to take Armani stake: report

MILAN
Sat Mar 1, 2008 8:11am EST

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A maxi advertising campaign for Armani underwear with David Beckham is pictured in downtown Milan, January 15, 2008. Italian designer Giorgio Armani's fashion group is in talks with L'Oreal about the French cosmetics company possibly taking a stake in it, Milano Finanza reported on Saturday. REUTERS/Stefano Rellandini

MILAN (Reuters) - Italian designer Giorgio Armani's fashion group is in talks with L'Oreal (OREP.PA) about the French cosmetics company possibly taking a stake in it, Milano Finanza reported on Saturday.

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One option apparently being discussed is for L'Oreal to take a roughly 25 percent holding, with a put and call option for a further stake, the business daily said in an unsourced story.

A Giorgio Armani spokesman denied the report, saying, "There has been ongoing speculation about L'Oreal and others and no talks are going on at the moment."

A L'Oreal spokesman was not immediately available to comment.

The Armani group had sales of about 2 billion euros ($3.04 billion) in 2006, Milano Finanza reported.

L'Oreal holds a long-term license for the production and distribution of fragrances, cosmetics and beauty products under the Armani name.

Armani, 73, mentioned L'Oreal as a possible partner in a Reuters interview in November, but said at the time there were no talks under way.

(Reporting by Ian Simpson, Editing by Peter Blackburn)
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