PARIS (AFP) — French luxury goods empire PPR said Thursday it has entered exclusive talks with L'Oreal after the cosmetics giant offered to buy its YSL Beaute unit for 1.15 billion euros (1.68 billion dollars).
L'Oreal's firm offer calls for all shares of YSL Beaute Holding, including its Roger & Gallet subsidiary, to be sold to L'Oreal on the basis of an enterprise value of 1.150 billion euros, PPR said in a statement.
L'Oreal would acquire "a very long-term exclusive worldwide license" for the Yves Saint Laurent and Boucheron brands in perfumes and cosmetics, and the transfer of the licences for fragrances and cosmetics of the Stella McCartney, Oscar de la Renta and Ermenegildo Zegna brands.
The Yves Saint Laurent, Boucheron and Stella McCartney brands would remain the property of the PPR Group, founded by French tycoon Francois Pinault and now steered by his son Francois-Henri Pinault.
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