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PARIS — French beauty brand L’Oréal is looking to acquire China’s Magic Holdings International, which specializes in cosmetic facials masks, for $840 million.
The proposed price is 6.30 Hong Kong dollars per share. L’Oréal’s proposal is supported by Magic’s board of directors. The transaction is subject to the approval of the Ministry of Commerce of the People’s Republic of China.
A specialist in cosmetic facial masks, Magic’s turnover in 2012 was approximately 150 million euros (up 29% versus 2011). Facial masks are one of China’s beauty market’s fastest growing areas with promising development prospects. Relying on Magic’s management and teams, L’Oréal intends to further develop this Chinese brand.
L’Oréal has been committed to China since 1997. Today. L’Oréal has 3,500 employees in China, a Research and Innovation center in Shanghai and two plants in Suzhou and Yichang.