L'Oreal executives say they plan to retain the Body Shop name and keep its headquarters in England. The retailer will "operate independently" within L'Oreal, and the Body Shop's management team, including chairman Adrian Bellamy founder and non-executive director Anita Roddick.
L'Oreal is offering each Body Shop shareholder about $5.25 (300 pence) per share for the company. JP Morgan is representing L'Oreal in the transaction and Merrill Lynch is assisting the Body Shop.
The Body Shop's revenue during the past year came in at close to $733 million (419 million pounds) and its income was about $68.6 million (39.2 million pounds). Other than its North American stores, the company operates more than 300 stores in UK and Ireland, nearly 600 in Asia Pacific countries and close to 770 stores in continental Europe, the Middle East and Africa. In North America, the UK and Ireland, a majority of its stores are company owned, while the rest are franchised. In all other parts of the world, most are franchised.
France-based L'Oreal had $17.5 billion (14.5 billion euros) in sales last year. The company owns 17 brands of cosmetics and hair products, including L'Oreal Paris, Maybelline New York and Redken.
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