Pursuits
L’Oreal to Buy Magic Holdings for $843 Million in China Push
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L’Oreal SA, the world’s largest cosmetics maker, agreed to buy China’s Magic Holdings International Ltd. for HK$6.54 billion ($843 million) to expand in a market where sales growth is outpacing that of the company.
L’Oreal will pay HK$6.30 a share in cash for Magic, the companies said yesterday, 25 percent more than the last traded price of HK$5.05. Magic surged as much as 21 percent in Hong Kong trading today, headed for the biggest gain since its listing in September 2010.