The body beautiful; Ethical business.(acquisitions and mergers)
Economist (US), The, March, 2006
Ethical Anita, up for sale
Mixing money and morals
A REPUTATION for morality and high ethical standards is normally built up over the course of a lifetime. But some big companies have found a quicker route--just buy it. On March 17th L'Oreal, a French cosmetics group, offered to pay a 34% premium for Body Shop International, a high-profile British retailer of environmentally responsible toiletries that is closely identified with Anita Roddick, its do-gooding founder.
This is just the latest example of a deal in which large firms have bought smaller companies with virtuous reputations. In 2000 Unilever bought Ben & Jerry's, a wacky ice-cream-maker with a self-proclaimed "social mission"; a year later McDonald's took a 33% stake in Pret A...
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