Reinold Geiger, the Austrian billionaire and controlling shareholder of L’Occitane International, has abandoned plans to take the skin care firm private.
Shares in L’Occitane International plunged nearly 30% on Tuesday after trading resumed following a Monday halt, which was requested by the company pending the announcement.
Last month, the Hong Kong-listed company confirmed that Geiger’s investment holding firm, L’Occitane Groupe – which owns almost 73% of L’Occitane International – was contemplating a possible transaction.
A 9 August Bloomberg article reported that Geiger was looking to buy the minority of shares he didn’t already own in L’Occitane International with the eventual aim of seeking a higher valuation for the beauty company via a European listing.
Geiger did not reveal why he shelved the idea.