A L’Occitane store in Paris
L’Occitane International owner Reinold Geiger will delist the French cosmetics group from the Hong Kong Stock Exchange in a bid that values it at up to HK$13.91 billion (1 .66 billion euros), the company announced on Monday.
Reuters reported earlier this month that Reinold Geiger was in advanced negotiations to delist L’Occitane, with sources saying US private equity giant Blackstone could finance such a deal.
As part of this transaction, L’Occitane Groupe, the Austrian billionaire’s Luxembourg-based holding company, will offer HK$34 for each share it does not already own.
The offer price is final and represents a premium of approximately 60.83% compared to the average closing price of the last 60 days of pre-rumor listing, L’Occitane International said in a press release.
Reinold Geiger and his partners own 72.64% of the company’s issued and outstanding shares, according to the release.
Trading of L’Occitane shares, suspended on April 9, is due to resume on Tuesday.
(Reporting by Roushni Nair and Himanshi Akhand in Bangalore, French version by Augustin Turpin, edited by Claude Chendjou)