Friday May 16, 10:48 AM
EU inquiry deadline for L'Oreal buy of YSL beauty operations June 17
BRUSSELS (Thomson Financial) - The European Commission said the deadline for its inquiry into cosmetics giant L'Oreal SA.'s proposed acquisition of PPR (Paris: FR0000121485 - news) 's Yves Saint Laurent (YSL) Beaute unit is set for June 17.
The transaction is valued at around 1.15 billion euros.
L'Oreal (Paris: FR0000120321 - news) 's offer calls for all shares of YSL Beaute Holding, including its Roger & Gallet subsidiary, to be sold to L'Oreal on the basis of an enterprise value of 1.150 billion euros.
Under the terms of the offer, L'Oreal would acquire 'a very long-term exclusive worldwide license' for the Yves Saint Laurent and Boucheron brands in perfumes and cosmetics, and the transfer of the licences for fragrances and cosmetics of the Stella McCartney, Oscar de la Renta and Ermenegildo Zegna brands.
The Yves Saint Laurent, Boucheron and Stella McCartney brands would remain the property of the PPR Group, PRR said.
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