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L’Oréal acquires Canan

This article was originally published in The Rose Sheet

Executive Summary

Turkish hair-care firm Canan has been purchased by L'Oréal, the French multinational announces Nov. 15. "The Turkish cosmetics market is expanding strongly and has a very large growth potential. The acquisition of Canan will bolster our positions in hair-care products, the largest segment in the market," Patrick Rabain, consumer products president for L'Oréal, says. Founded in 1981, Canan is primarily known for its Ipek brand, under which it markets shampoo, conditioner, hair gel, liquid soap, shower gel and lotions. Ipek is ranked fourth in the Turkish mass-market hair-care segment. The firm booked $38 mil. in sales in 2006, according to L'Oréal, which expects the acquisition to be accretive beginning in 2009. The Canan announcement comes on the heels of news that L'Oréal has sold 1.8% of its stake - 25 mil. shares at $88.42 apiece - in pharmaceutical firm Sanofi-Aventis, yielding proceeds of about $2.19 bil., according to Nov. 14 announcement...

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