Magic Holdings faces takeover bid from France's L'Oreal Group
By Wang Ying in Shanghai | China Daily | Updated: 2013-08-17 08:28
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L'Oreal Group, the world's largest cosmetics and beauty company by sales, said its takeover of Magic is awaiting approval from China's Ministry of Commerce. Geng Guoqing / for China Daily |
France's L'Oreal Group is offering to take over China's leading facial mask brand for HK$6.30 (81 US cents) per share, L'Oreal and target Magic Holdings International Ltd said in a joint announcement on Thursday.
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