L’Occitane Sinks by Record 28% After Boss Ends Buyout Talks

(Bloomberg) — L’Occitane International SA fell by the most on record after its billionaire chairman ended deliberations on a potential deal to take the skin-care company private, a move that would have added to a series of similar buyout deals in Hong Kong.

Shares dropped about 28% to HK$19.90 each in pre-market in Hong Kong as trading resumed on Tuesday. The company was informed by its controlling shareholder on Sept. 3 that it’s decided not to proceed with the possible transaction, it said in an exchange filing Monday. It didn’t provided reasons for the decision.