French cosmetics giant L’Oreal said on Friday it would buy Body Shop International, renowned for its ethical hair and skin products, for $1,143-billion (£652 million).
L’Oreal will pay 300 pence a share for Body Shop, which will be maintained as a separate entity and continue to be led by its current management team, the French firm said in a statement.
The offer price is 31,5% higher than Body Shop’s average share price over the six months before February 21, the last day before speculation of a bid emerged, the companies said in a statement.
Body Shop directors holding about 21,6% of share capital — including company founders Anita and Gordon Roddick with 18% — have accepted the offer. – AFP