L’Occitane owner in advanced talks to take it private

L’Occitane International SA’s controlling shareholder is in advanced talks on a potential deal to take the skincare company private ahead of a possible European listing, according to two people with direct knowledge of the matter.

The sources declined to be indentified because the information remains confidential. L’Occitane did not respond to a request for comment from Reuters.

Bloomberg News earlier on Wednesday reported that the buyout valued the firm at around $6.5 billion.

Billionaire Chairman Reinold Geiger has reportedly been discussing a possible offer of about HK$35 for each L’Occitane share he doesn’t already own, people familiar with the matter have said. The proposed bid represents a 37% premium to the company’s closing price on 8 August, according to Refinitiv data.

The stock was placed on a trading halt on 9 August pending an announcement from the company.

Geiger has also been speaking to advisers about the possibility of re-listing the skincare products group on a European exchange as soon as next year, the sources added.

L’Occitane listed in Hong Kong in 2010 and at the time was one of the first western companies to sell its primary shares in the Asian financial hub.

Its shares have fluctuated from a recent peak of HK$31.80 early in 2022 to as low as HK$17.82 in March.