L'Occitane shares rise on report of potential Blackstone offer
By Sherry Qin
L'Occitane International's shares rose sharply after a report that Blackstone is considering a bid for the skincare company.
L'Occitane's shares (HK:973) gained 9.4% to 28.45 Hong Kong dollars in early Asian trade Tuesday, on track for its largest daily percentage gain since last May.
Private equity firm Blackstone (BX) has been conducting preliminary due diligence as it mulls a potential offer for the skincare company, Bloomberg reported, citing people familiar with the matter. Blackstone is also considering the possibility of teaming up with L'Occitane's billionaire chairman Reinold Geiger on a buyout, the report said.
L'Occitane didn't immediately respond to a request for comment by Dow Jones Newswires.
Plans for taking over L'Occitane are not new, as Geiger considered taking the company private last year. L'Occitane subsequently said it had been informed by the controlling shareholder on Sep. 3 that "it has decided not to proceed with the possible transaction," according to an exchange filing.
Geiger owns about 73% of L'Occitane International, which currently has a market capitalization of HK$41.95 billion (US$5.36 billion), according to FactSet.
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
02-05-24 2154ET
Copyright (c) 2024 Dow Jones & Company, Inc.-
After Earnings, Is Alphabet Stock a Buy, a Sell, or Fairly Valued?
-
When Will the Fed Start Cutting Interest Rates?
-
What’s the Difference Between the CPI and PCE Indexes?
-
Powell Unfazed By Sticky Inflation, but Rate Cuts Are Far Off
-
After Earnings, Is Microsoft Stock a Buy, a Sell, or Fairly Valued?
-
Best- and Worst-Performing Stocks of April 2024
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Small-Cap and Value Stocks Are Undervalued
-
Apple Earnings: iPhone Growth Forecasts Drive Change in Fair Value
-
4 Utility Stocks to Play the AI Data Center Boom
-
Albemarle Earnings: We Expect Improved Results In the Rest of Year Following Cyclically Low Profits
-
Novo Nordisk Earnings: Raised Fair Value Estimate Still a Contrast to Market Overenthusiasm
-
After Earnings, Is Verizon Stock a Buy, a Sell, or Fairly Valued?
-
Look Inside Berkshire Hathaway’s Portfolio Before Its Annual Meeting
-
How to Invest Like Warren Buffett
-
Cognizant Earnings: Improved Profitability Buttresses Results as Customer Spending Remains Muted