French cosmetics giant L’Oreal announced Thursday its intention to acquire all the shares of Magic Holdings International Limited, a Chinese facial care firm, the French company said.

The proposed price for the deal is HK$6.30 ($0.81) per share, with a total of HK$6.53 billion ($842 million).The transaction is subject to the approval of China’s Ministry of Commerce, the French conglomerate said.

Source: China Daily