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Economy

Alibaba founder invited to join bid for Body Shop

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2017-06-07 13:47Global Times/Agencies Editor: Li Yan ECNS App Download

European private equity firm Investindustrial has invited the investment vehicle of Alibaba's founder Jack Ma to submit a joint bid of more than 800 million euros ($900 million) for L'Oreal's The Body Shop ahead of a deadline for final bids on Wednesday, Reuters reported, citing sources familiar with the matter.

Hong Kong-based Blue Pool Capital has been asked to team up with Investindustrial and Brazil's GP Investments, one of Latin America's largest private equity firms, to bid for the British-based cosmetics retailer, the sources said Friday.

European private equity investor CVC Capital Partners is also planning to submit a rival offer ahead of the deadline on Wednesday, the sources said, adding that another buyout firm, Advent, has decided to drop out of the contest.

L'Oreal has asked prospective bidders to submit offers of at least 800 million euros, said the sources.

L'Oreal, Investindustrial, GP Investments, Advent and CVC all declined to comment while no one at Blue Pool Capital was available for comment outside of regular business hours.

Investindustrial's Italian founder Andrea Bonomi told Reuters earlier this month that the buyout firm, which also has investments in luxury carmaker Aston Martin and shoemaker Sergio Rossi, was in the race for The Body Shop.

The firm worked with GP Investments on an unsuccessful joint bid for French holiday resorts operator Club Med early in 2014.

L'Oreal said in February that it was reviewing its strategy for The Body Shop, which it bought for 652 million pounds ($840 million) in 2006.

  

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