L'Oreal wins 95 pct of Body Shop shares; offer now unconditional

0 Comments | AFP, June, 2006

LONDON (AFP) — L'Oreal, the world's leading cosmetics company, has announced that it now owned 95-percent of Body Shop International, the British firm renowned for its ethical hair and skin products.

Meanwhile, the European Union's competition watchdog on Thursday cleared L'Oreal's takeover of Body Shop.

In a statement to the London Stock Exchange Thursday, the French beauty group declared its offer unconditional -- meaning that minority shareholders are obliged to sell their holdings.

Under British takeover rules, once a takeover suitor breaches the 90-percent level, the offer becomes unconditional.

L'Oreal launched a 300-pence-per-share takeover offer in last March to acquire Body Shop for 652 million pounds (940 million euros, 1.143 billion...