L’Oréal
This article was originally published in The Rose Sheet
Executive Summary
French company is evaluating Japanese cosmetics business Kanebo as a potential acquisition target, but declined to comment on specifics regarding its interest during Sept. 2 half year earnings presentation. "We are obliged to look at a dossier such as that one, as it is extremely rare...for a significant company in terms of market share in Japan to be up for sale," firm says. Japanese Industrial Revitalization Corporation currently is seeking a buyer for Kanebo. L'Oréal reported a 5.8% decline in net profit to $1.12 bil. (€1=$1.25), related to the deconsolidation of Sanofi-Synthelabo. Operating profit was flat at $1.39 bil. under new European accounting rules. L'Oréal reported first half sales in July (1"The Rose Sheet" July 18, 2005, In Brief)...