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French cosmetics giant LOréal has put forward a proposal to acquire Chinese skin care company Magic Holdings International Limited.
In a “joint announcement”, LOréal and Magic Holdings revealed news of the proposal, with LOréals proposed price for the acquisition set at Hong Kong dollars $6.5bn (US$834m or £539m). The proposed price per share is HK$6.30.
It was also announced that LOréals proposal is being supported by Magic Holdings Board of Directors, with six key shareholders, which represent 62.3% of the companys equity, already committed to supporting the proposal. However, the deal is subject to the approval of the Ministry of Commerce of the Peoples Republic of China (MOFCOM).
Magic Holdings, a specialist in cosmetic facial masks and one of Chinas leading brands in the category, achieved a turnover of approximately €150m in 2012, up 29% on 2011. LOréal aims to develop the brand by contributing its science based expertise.
LOréal currently employs 3,500 people in China and has a Research and Innovation centre in Shanghai, as well as two plants in Suzhou and Yichang.