L’Occitane buyout plan shelved, shares drop almost 30%

By Julia Wray | Published: 5-Sep-2023

Controlling shareholder Reinold Geiger has called off talks to take the beauty business private

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. 

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