(Reuters) – Blackstone Inc is close to a deal to sell Hong Kong-listed skin care company L’Occitane International SA, Bloomberg News reported on Tuesday, citing people familiar with the matter.
Earlier in the day, the $5.55 billion French cosmetics company suspended trading in its Hong Kong shares ahead of an announcement that could potentially outline details of any takeover plans.
The US private equity giant could team up with billionaire L’Occitane owner Reynold Geiger, according to a report.
Blackstone (NYSE:) is exploring a deal with L’Occitane, but the structure of the deal is not yet clear, a person familiar with the matter told Reuters, asking to remain anonymous because the information was confidential.
Blackstone declined to comment and L’Occitane could not be reached.
Bloomberg reported in February that Blackstone was considering a bid for L’Occitane, sending the French firm’s shares soaring to their highest level in two years.
Austrian billionaire Geiger, L’Occitane’s controlling shareholder, pulled out of a deal to take the company private last September, sending share prices tumbling.