April 10, 2018 / 4:53 AM / 17 days ago

L'Oreal picked as preferred bidder for stake in S.Korea's Nanda - Korea Economic Daily

SEOUL, April 10 (Reuters) - French cosmetics group L’Oreal has been picked as the preferred bidder to buy a 70 percent stake in Nanda, a South Korean operator of online fashion and cosmetics bands, in a deal estimated at about 400 billion won ($375 million), Korea Economic Daily said on Tuesday, citing investment banking sources.

The proposed acquisition is aimed at beefing up L’Oreal’s presence in China’s cosmetics market, the report said.

Nanda officials were not immediately available for comments. ($1 = 1,066.0000 won) (Reporting by Hyunjoo Jin; Editing by Kim Coghill)

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