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L’Occitane Receives Potential Bid from Blackstone

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L’Occitane International, a well-known skincare company, experienced a significant surge in its stock prices following reports of a possible bid by private equity firm Blackstone. L’Occitane’s shares rose by 9.4% to 28.45 Hong Kong dollars during early Asian trade on Tuesday, marking its largest daily percentage gain since May of last year.

According to sources familiar with the matter, Blackstone has been conducting preliminary due diligence in consideration of making an offer for L’Occitane. The report also suggests that Blackstone may explore the option of partnering with L’Occitane’s billionaire chairman, Reinold Geiger, for a potential buyout.

Dow Jones Newswires reached out to L’Occitane for comment, but no immediate response was received.

This isn’t the first time there have been discussions surrounding the acquisition of L’Occitane. Geiger had previously contemplated taking the company private last year. However, in a filing with the exchange, L’Occitane stated that the controlling shareholder informed them on September 3 that they had decided not to proceed with the potential transaction.

Currently, Geiger owns approximately 73% of L’Occitane International. The company’s market capitalization is valued at HK$41.95 billion (US$5.36 billion) as per FactSet data.

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