HONG KONG, Sept 5 — Shares in French beauty brand L’Occitane plunged by a record of almost 30 per cent in Hong Kong today after its chairman called off talks on taking the...
HONG KONG, Sept 5 — Shares in French beauty brand L’Occitane plunged by a record of almost 30 per cent in Hong Kong today after its chairman called off talks on taking the firm private.
Bloomberg News reported in July that chairman Reinold Geiger was studying options for taking the brand private, using a holding company that owned more than 70 per cent of its shares. However, investors dumped the firm today as it resumed trading a day after billionaire Geiger ended deliberations. Shares dropped 29 per cent to as low as HK$19.70 — the lowest since July — before recovering slightly but still ending down 17.27 per cent at HK$23.00.
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