Clarins completes stock exchange withdrawal

Published: 29-Sep-2008
Finance

The Clarins cosmetics group has now finally abandoned the French financial market following a wave of rumours about impending takeovers.


The Clarins cosmetics group has now finally abandoned the French financial market, according to market operator Euronext. The company was originally listed in 1984 but decided to withdraw in order to maintain its independence following a wave of rumours about impending takeovers.

The Courtin-Clarins family holding group, Financiere FC, launched a bid in August to buy back some 12 million shares at a cost of €680m. When this operation was completed on 16 September, Financiere FC had 96.4% of the capital and 97.2% of the voting rights. The remaining blocks of shares have now been mopped up. Last year the group achieved a breakthrough with over €1bn in sales but has since been sharply affected by the strong euro and problems in the US marketplace.

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