22 January 2020

L’Oreal wins govt nod for HK$6.5 bln Magic deal, filing says

The Ministry of Commerce has approved French cosmetics brand L’Oréal S.A.’s proposed acquisition of domestic cosmetic maker Magic Holdings International Ltd. (01633.HK), the Chinese company said in a regulatory filing on Monday. L’Oréal unveiled the HK$6.54 billion (US$838 million) acquisition proposal in August last year, making it the largest merger and acquisitions transaction in China’s daily chemical industry. A source from L’Oréal was quoted as saying that the deal is expected to be completed in the second quarter and Magic Holdings’ existing businesses are likely to be integrated into the French firm’s consumer products division.

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