L'Oreal Offers $843M For Chinese Skincare Co.

Law360, New York (August 16, 2013, 12:10 PM EDT) -- L'Oreal SA said on Friday that it has offered HK$6.54 billion (US$843 million) for Chinese skincare company Magic Holdings Limited, an acquisition that would boost the French cosmetic giant's increasing stake in the country's burgeoning beauty market.

Magic's appeal largely springs from its top position in one of the fastest growing areas of China's cosmetic market: facial masks, the companies said in a joint statement. The proposed deal already has the blessing of Magic's board of directors and six major shareholders, according to the companies....
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