P&G interested in local cosmetic brand
3 July 2007
Procter & Gamble plans to acquire Chinese cosmetics firm Beijing Dabao, according to Chen Shineng, chairman of China's Light Industry Association. Both sides have reached a basic agreement, Chen was quoted as saying in Jinghua Shibao (in Chinese). The news was not confirmed by P&G China. Beijing Dabao Cosmetics Co Ltd was listed on the China Beijing Equity Exchange in March, 100% of its shares went up for sale at a price of US$297 million. Several foreign companies, including Johnson & Johnson and Unilever, have shown interest since then, but no substantial agreements were made because of Beijing Dabao's relatively high valuation.