THE WHAT? Blackstone is said to be carrying out due diligence in advance of making an offer to buy out L’Occitane. The private equity firm is rumored to be working with the French natural cosmetics firm’s Chairman, Reinold Geiger, to prepare a joint bid.
THE DETAILS According to a report published by Bloomberg, shares in the owner of Elemis and Sol de Janeiro surged 15 percent on the back of the whispers. The company is valued at approximately US$5.4 billion.
THE WHY? Both companies declined to comment when contacted by Bloomberg. Geiger owns more than 70 percent of L’Occitane via an investment vehicle, the news agency reveals, and has considered taking the firm private in order to relist in Europe.