INQUIRER.net: L’Oreal in $843mn bid for Chinese skincare company

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L'Oreal in $843mn bid for Chinese skincare company Aug 15th 2013, 22:57 PARIS – French cosmetics giant L'Oreal announced Thursday a $843 million bid to acquire the Hong Kong-listed facial care company Magic Holdings International.   The proposed bid of HK$6.30 per share is worth a total of HK$6.53 billion (US$843 million, 636 million euros), according to a joint statement by the companies released on the Hong Kong stock exchange.   The offer represents a premium of nearly 25 percent over the closing price of HK$5.05 on the last trading day before the announcement, it added.   "L'Oreal's proposal is supported by Magic's Board of Directors," the French company said in a separate statement.   "Six key shareholders, ... Keep on reading: L’Oreal in $843mn bid for Chinese skincare company

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