27 Jun '17, 8am

L'Oreal finalises sale of The Body Shop

PARIS (AFP) - French beauty products giant L'Oreal said Tuesday it has a signed a contract to sell The Body Shop, which it has owned for over a decade, to Brazil's Natura Cosmeticos for one billion euros (S$1.52 billion). L'Oreal said in a statement that it signed the contract after getting the nod of approval from its works council. Nevertheless, "the proposed sale is subject to clearance by anti-trust authorities notably in Brazil and in the United States, and expected to close during 2017," the statement added. The two sides had announced on June 9 that they were entering into exclusive negotiations regarding the sale of British-based The Body Shop, founded in 1976 and specialising in natural beauty products. Get The Straits Times newsletters in your inbox Sign Up Founded by the late Anita Roddick, The Body Shop saw huge growth rates with an ethical approach to cosmetic...

Full article: http://www.straitstimes.com/business/loreal-finalizes-sal...

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L'Oreal finalises sale of The Body Shop

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