L’Oreal buys Body Shop

PARIS – French cosmetics giant L’Oreal said on Friday it would buy Body Shop International, renowned for its ethical hair and skin products, for US$1,143 billion (£652 million).

L’Oreal will pay 300 pence a share for Body Shop, which will be maintained as a separate entity and continue to be led by its current management team, the French firm said in a statement. The offer price is 31,5 per cent higher than Body Shop’s average share price over the six months before February 21, the last day before speculation of a bid emerged, the companies said in a statement.Body Shop directors holding about 21,6 per cent of share capital – including company founders Anita and Gordon Roddick with 18 per cent – have accepted the offer.- Nampa-AFPThe offer price is 31,5 per cent higher than Body Shop’s average share price over the six months before February 21, the last day before speculation of a bid emerged, the companies said in a statement.Body Shop directors holding about 21,6 per cent of share capital – including company founders Anita and Gordon Roddick with 18 per cent – have accepted the offer.- Nampa-AFP

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