THE WHAT? L’Occitane will proceed with the final steps in its privatisation process after a resounding number of shareholders indicated their support of its plan. Some 91.97 percent of disinterested shareholders tendered their shares and as a result, the company will proceed with the compulsory acquisition of the remaining shares.

THE DETAILS The offers will close on August 6, 2024, after which, L’Occitane will despatch compulsory acquisition notices for all remaining shares. The French natural cosmetics grouo will suspend dealings in the shares from August 7, 2024 until withdrawal. Upon completion of the compulsory acquisition, the company will be delisted from the Hong Kong Stock Exchange.

THE WHY? Reinold Geiger, L’Occitane’s majority owner, explains, “We are delighted with the strong support from our shareholders. This transaction will provide our group with the flexibility to make longer-term business decisions. We remain committed to our brand-specific and geography-specific strategies. We firmly believe that this is in the best interests of our employees, business partners and other stakeholders, who will benefit from our accelerated growth and enhanced competitiveness in the global skin care and cosmetics industry.”