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L'Oreal raises Body Shop stake to 53.1 percent
0 Comments | AFP, March, 2006
LONDON (AFP) — L'Oreal, the world's leading cosmetics company, said it now owned 53.1 percent of Body Shop International.
That was following the purchase, announced Thursday, of an additional 10.49-percent stake from JPMorgan Cazenove, L'Oreal said in an official statement published in London.
L'Oreal launched a 300-pence-per-share takeover offer last Friday to acquire Body Shop for 652.0 million pounds (940.0 million euros, 1.143 billion dollars).
The Body Shop was founded in 1976 by Anita Roddick, who rapidly expanded the business from modest beginnings with a determination to offer products that had not been tested on animals and used natural ingredients.
Body Shop was a leader in the so-called ethical business sector and developed a high-profile brand.
© 2006 AFP
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