Blackstone Inc., a private equity firm, is reportedly considering a bid for skin-care company L’Occitane International SA, according to sources familiar with the matter. The firm has initiated preliminary due diligence as it evaluates the potential offer for L’Occitane. It is also contemplating the option of partnering with L’Occitane’s chairman, Reinold Geiger, who is a billionaire, for a potential buyout. The sources, who preferred to remain anonymous due to the private nature of the discussions, disclosed this information.
Following the news, L’Occitane shares rose 0.8% in Hong Kong trading, resulting in a market value of approximately HK$38.4 billion ($4.9 billion). In the past, Geiger had considered taking the company private with the intention of potentially relisting it in Europe at a higher valuation. However, he ultimately abandoned the idea, which led to a decline in L’Occitane’s stock price.
Based on exchange filings, an investment vehicle predominantly controlled by Geiger currently holds over 70% of L’Occitane. It should be noted that the deliberations are still in the early stages, and there is no guarantee that they will result in a formal proposal. The sources also mentioned that other potential buyers may show interest in acquiring L’Occitane.
