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HONG KONG - French cosmetics company L&39;Oreal is making an $843 million takeover offer for Chinese skincare company Magic Holdings.
The companies said that L&39;Oreal sees Magic as the "ideal fit" for its existing business in China&39;s fast growing beauty industry, while also giving Magic a partner to expand into new markets.
L&39;Oreal said Magic is one of China&39;s leading facemask brands, which is a fast-growing product category in the Chinese beauty market.
The French company is offering 6.30 Hong Kong dollars (81 US cents) for each Magic share. Its stock price soared 18 percent to HK$5.98 on Friday.
Six key shareholders holding 62.3 percent of Magic are already supporting the deal, which needs approval from China&39;s Ministry of Commerce.
L&39;Oreal has 3,500 staff, a research center and two factories in China.