L'Oreal to buy HK cosmetics firm for $843m

French cosmetics maker L’Oreal (OR.EPA) will buy Hong Kong-based Magic Holdings International (1633.HKG) for US$843 million to widen its Asia presence, Bloomberg reported. Both companies said in a joint filing on Thursday that L’Oreal will pay HK$6.30 per share for Magic, which makes cosmetic facial masks, roughly 25% over the last trading price of HK$5.05 per share. Magic sales reached US$199 million in 2012, according L’Oreal. The Paris-based firm posted lackluster sales growth last month amid its weakest North America performance in two years.