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L’Oreal, LVMH, and many other global beauty products brands are said to have joined the bidding to acquire a controlling stake in South Korea’s Able C&C cosmetic company. Based on the reports, well-known international brands were shortlisted as bidders for the KRW100 billion acquisition deal.
As per The Korea Herald, Able C&C is expected to announce the official shortlist of bidders in the coming weeks. With many beauty companies expressing high interest in buying a stake in the Korean cosmetic manufacturing firm, the competition to be selected as the final bidder is heating up.
The fierce race to buy a stake in Able C&C is understandable because the company owns a number of popular cosmetic brands in South Korea that have also captured the attention of customers in many other countries. Thus, it is no wonder if the French personal care company, L’Oreal, and the luxury brand LVMH, are also placing their bids.
The acquisition also means new opportunities for cosmetic companies since they can expand their market further in Asia and other parts of the world. This is why it is not hard to see why a number of bidders are joining in.
At any rate, business insiders revealed that at least five to six investors have already submitted their letters of intent (LOI) recently to buy 59.2% of shares in Able C&C, which is currently owned by IMM Private Equity. The PEF firm holds the largest share in the company that is best known for its Missha cosmetic brand.
IMM became the largest stakeholder after buying KRW40 billion or $31 million worth of shares in 2017. In the latest deal, IMM is also offering investors operational rights, which are estimated to be worth around KRW100 billion.
“Many of the bidders are foreign entities,” IMM’s spokesperson told The Korea Herald. “Aside from that, we cannot disclose any details of the bidders.”
Photo by: Wing1990hk/ Wikimedia Commons (CC BY 3.0)
