LONDON — Is L’Oréal is in an acquisitive mood right now?
News that the French beauty giant might be interested in buying The Body Shop sent the British beauty manufacturer and retailer’s share price soaring to a 14-year high of 2.80 pounds, or $3.34 at current exchange, during trading here Thursday. This followed Body Shop’s share price spiking 10.5 percent Wednesday, following speculation of a management buyout.
L’Oréal indicated Thursday it has no firm plans to buy Body Shop.
On the London Stock Exchange’s website, L’Oréal posted a statement saying, “L’Oréal’s management is continually evaluating a wide range of strategic alternatives that may add value to its shareholders, including a possible offer for Body Shop. Any offer, if made, is likely to be solely in cash. However, no decision has been made regarding any offer, L’Oréal’s board has not been consulted and no approach has been made to Body Shop.”
For complete coverage, see tomorrow’s WWD.
