Hong Kong-listed skincare specialist L'Occitane International S.A. (SEHK:973) said on September 4, 2023 its controlling shareholder had decided against a potential deal to take the company private. L?Occitane had updated the market last month about a potential buyout offer from Chairman Reinold Geiger?s investment holding company, L?Occitane Groupe SA, at no less than HKD 26.00 per share. L?Occitane Groupe SA owned 72.5% of the skincare firm at the end of May.

Shares in the Luxembourg- and Geneva-headquartered company were placed on a trading halt on Monday pending an announcement. Last month, Bloomberg News had reported that Geiger was discussing a possible offer of about HKD 35 for each L?Occitane share he doesn?t already own.