Manufacturing Industry
Could Avon bid for Dabao?(FINANCIAL NEWS)
Cosmetics International, March, 2007
Avon has been tipped to make a possible bid for major Chinese cosmetics manufacturer Dabao.
Analyst Justin Hott from investment bank Bear Stearns predicts in a research note that it would make "a reasonable strategic move" for Avon.
A major Chinese purchase such as Dabao would serve to reinforce Avon's presence in China, particularly at the lower end of the market, where it is relatively under-represented. However Avon would still have to gain Chinese government approval, were it to make a successful bid.
Beijing-based Dabao put itself up for sale at the end of February by registering with the Beijing Equity Exchange and is said to be looking for a purchase price of Yuan 2.3bn ($297m), either from a domestic or international company. The...
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