Clifford Chance

Clifford Chance advises on the privatisation of L'Occitane International

Global law firm Clifford Chance advised L'Occitane International S.A. (LOI) and its independent board committee on LOI's privatisation and delisting from the Hong Kong Stock Exchange.

Reinold Geiger, the indirect majority owner of both LOI and the offeror (L’Occitane Holding S.A.), initiated this transaction to provide the group with the flexibility needed for making long-term strategic decisions while remaining dedicated to its brand and geography-specific strategies.

The offer was initially made for cash consideration only but was subsequently updated by the offeror to give shareholders an option to receive cash or shares in the offeror. The offer was financed through a combination of external debt facilities from Crédit Agricole Corporate and Investment Bank (CA-CIB) and financing from Blackstone and Goldman Sachs Alternatives.

The conditions to the privatisation offer were satisfied and the offer closed on 6 August 2024.

Partner Alex Bidlake led a cross-border Clifford Chance team in Hong Kong and Luxembourg, including:

• Hong Kong: senior associate Chloe Choy, associate Petra Ho and trainee solicitor Katrina Hung;
• Luxembourg: Luxembourg Senior Partner Christian Kremer, partner Stefanie Ferring, counsel Lauren Harris, senior associates Sadan Ramovic and Philippe Sadler and trainee lawyer Polina Rogozhina.

Alex said, "It is a privilege to guide L'Occitane International and its independent board committee through this pivotal transaction. This highlights our team's adeptness in navigating complex, multi-jurisdictional transactions."

L’Occitane International S.A. is an international multi-brand group that manufactures and retails premium beauty and wellness products. The company operates in 90 countries worldwide and has more than 3,000 retail outlets, including approximately 1,300 owned stores. Within its portfolio of premium beauty brands that champion organic and natural ingredients are: L’OCCITANE en Provence, Melvita, Erborian, L’OCCITANE au Brésil, LimeLife, ELEMIS, Sol de Janeiro and Dr. Vranjes Firenze.

Clifford Chance regularly advises global corporates on their most significant transactions in Asia Pacific and is a leading adviser on take-private transactions in Hong Kong, recently advising on (among others) China TCM's HK$15.6 billion proposed privatisation, SciClone Pharmaceutical's proposed HK$8.8 billion privatisation and the sale by Essity of its majority stake in Vinda.