LONDON (ShareCast) - L'Oréal made a move on Thursday to expand sales in China where the French company hopes a faster growing economy will offset weakness seen last quarter in North America.

The world's largest cosmetics company announced the acquisition of Magic Holdings International for HK$6.30 a share, valuing the firm at HK$6.54bn (£540m).

L'Oréal said the deal was backed by Magic's board of directors and that six of its key shareholders, representing a 62.3% stake in the company, had already committed to supporting the proposal.

The French company has been present in China since 1997 and already has 3,500 employees in the region.

L'Oréal was trading up 0.47% at €129.55 on Friday morning in Paris.

JM

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