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L'Oreal (OR)

Index:

CAC 40

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436.16

Change Today:

-0.34
52 Week High: 456.90
52 Week Low: 380.25

Currency: Euro
Shares Issued: 534.73m
Volume: 58,432

Market Cap: 233,227m
Beta: 0.90

News Channel

L'Oréal picks up China's Magic Holdings for 540m pounds

Date: Friday 16 Aug 2013

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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L'Oreal Market Data

Currency	Euro
Share Price	436.16
Change Today	-0.34
% Change	-0.08 %
52 Week High	456.90
52 Week Low	380.25
Volume	58,432
Shares Issued	534.73m
Market Cap	233,227m
Beta	0.90