French cosmetics manufacturer L’Occitane will become a private company. L’Occitane has submitted an application to the Hong Kong Stock Exchange to buy back its own shares.
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As reported by Reuters referring to the company’s message, after the transaction the value for L’Occitane shareholders will be 6 billion euros. Shares are planned to be repurchased at a price of 34 Hong Kong dollars (4.07 euros) per share. is 30.8% higher than the stock’s closing trading price on February 5.
The maximum value of the purchase will reach 13.9 billion Hong Kong dollars or 1.66 billion euros. As of March 2024, Austrian billionaire Reinold Geiger’s L’Occitane group owned 72.39% of the company’s shares.
Geiger’s plans to buy back L’Occitane shares were reported three weeks ago. According to Bloomberg sources, the billionaire was going to raise funds from the Blackstone investment fund for the purchase.
Geiger obtained irrevocable commitments from shareholders to accept the offer. L’Occitane has been listed on the stock exchange since 2010.
Author:
Akhmed Sadulayev
Source: RB
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