UPDATE 1-Viola Davis wins first Oscar for 'Fences'
LOS ANGELES, Feb 26 Viola Davis won her first Oscar on Sunday for her supporting role as a long-suffering housewife in the African-American family drama "Fences."
PARIS L'Oreal (OREP.PA), the world's largest cosmetics group, has offered to acquire Chinese skincare company Magic Holdings International (1633.HK) for HK$6,538 million ($840 million).
Paris-based L'Oreal announced its move for the Hong Kong-listed maker of facial masks on Thursday and said that its HK$6.30-per-share offer 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.
The offer represents a 25 percent premium to Magic's last closing price before trading in the shares was suspended on August 12 to prevent speculation.
The deal is expected to be financed through L'Oreal's internal resources and a 650 million euro credit facility from BNP Paribas (BNPP.PA), the two companies said in a joint statement. On completion, Magic Holdings shares are expected to be withdrawn from the Hong Kong stock exchange.
China is L'Oreal's third-largest market behind the United States and France.
L'Oreal, the products of which include Garnier shampoo and Yves Saint Laurent perfume, posted a 5.2 percent rise in quarterly sales last month, boosted by higher growth in newer markets such as the Asia-Pacific region.
The French company said that Magic achieved sales worth 150 million euros in 2012, up 29 percent on the previous year.
($1 = 7.7549 Hong Kong dollars)
(Reporting By Alexandre Boksenbaum-Granier and Alexandria Sage; Editing by David Goodman)
HONG KONG, Feb 27 Asian stocks erased early losses but stayed below 19-month highs on Monday as a renewed drop in sovereign bond yields on political concerns prompted some investors to move to the sidelines after a recent rally.
* SoftBank in discussions with WeWork for some time - sources