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L’Occitane shares halted in Hong Kong as Blackstone said to prepare funds for privatisation bid

  • Blackstone is said to be providing debt financing to L’Occitane chairman Reinold Geiger to take the skincare group off the city’s stock exchange
  • Skincare group, listed in Hong Kong in 2010, has a market value of about US$5.6 billion; billionaire Geiger has a 70 per cent stake

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Cosmetic products displayed in the window of a L’Occitane store in Paris in February 2024. Photo: Reuters
L’Occitane International’s billionaire owner Reinold Geiger and Blackstone are nearing a deal to take the skincare company private, potentially ending its 14-year of trading on Hong Kong’s stock exchange, people familiar with the matter said.
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Blackstone, the world’s largest alternative asset manager, may provide debt financing for the buyout, the people said, asking not to be identified as the information is private. Trading of L’Occitane shares was suspended in Hong Kong on Tuesday, pending an announcement, according to a company filing.

While deliberations are at an advanced stage, they could still be delayed or even fall apart, the people said. A representative for Blackstone declined to comment, while L’Occitane did not immediately respond to a request for comment.

L’Occtitane has a market value of about HK$43.6 billion (US$5.6 billion). A vehicle ultimately controlled by its chairman Geiger owns more than 70 per cent of the company, exchange filings show.

Stock tickers outside the Exchange Square in Central, Hong Kong. Photo: Jelly Tse.
Stock tickers outside the Exchange Square in Central, Hong Kong. Photo: Jelly Tse.

L’Occitane was founded in 1976 by Frenchman Olivier Baussan, who started out making essential oils from plants like lavender in the French countryside of Provence, and selling them at local markets. Geiger, who became a minority shareholder in 1994 has said its poor performance prompted him to start working there in a bid to safeguard his investment.

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