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L'Oreal in talks to take Armani stake: report
2008-03-01
Italian designer Giorgio Armani's fashion group is in talks with L'Oreal (OREP.PA) about the French cosmetics company possibly taking a stake in it, Milano Finanza reported on Saturday. One option apparently being discussed is for L'Oreal to take a roughly 25 percent holding, with a put and call option for a further stake, the business daily said in an unsourced story. A Giorgio Armani spokesman denied the report, saying, "There has been ongoing speculation about L'Oreal and others and no talks are going on at the moment." A L'Oreal spokesman was not immediately available to comment. The Armani group had sales of about 2 billion euros ($3.04 billion) in 2006, Milano Finanza reported. L'Oreal holds a long-term license for the production and distribution of fragrances, cosmetics and beauty products under the Armani name. Armani, 73, mentioned L'Oreal as a possible partner in a Reuters interview in November, but said at the time there were no talks under way. (Reporting by Ian Simpson, Editing by Peter Blackburn)
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