Gucci owner Kering is said to be nearing deal to sell Beauty unit to L’Oréal

[Berlin, Germany 15 February 2018: French company and leader of world market of perfumery and cosmetics. Office of company or corporation and world business and trade.]
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* Kering (OTCPK:PPRUF [https://seekingalpha.com/symbol/PPRUF]), the French luxury product maker behind famous brands like Gucci, is in discussions to sell its beauty business to its local rival L’Oréal (OTCPK:LRLCF [https://seekingalpha.com/symbol/LRLCF]) (OTCPK:LRLCY [https://seekingalpha.com/symbol/LRLCY]), The Wall Street Journal reported on Saturday, citing people familiar with the matter.
* A potential transaction is expected to be announced as early as next week, assuming the talks won't fall apart and there won’t be another bidder, the people said, adding that the deal could fetch a valuation of roughly $8B for the unit.
* The report comes only weeks after Kering’s (OTCPK:PPRUY [https://seekingalpha.com/symbol/PPRUY]) new chief executive, Luca de Meo, a former CEO of French carmaker Renault (OTCPK:RNLSY [https://seekingalpha.com/symbol/RNLSY]) (OTCPK:RNSDF [https://seekingalpha.com/symbol/RNSDF]), assumed the company’s leadership in September. [https://seekingalpha.com/news/4458211-kering-is-said-to-tap-renault-s-de-meo-for-ceo-role-amid-gucci-revival-efforts]

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