L'Occitane dives as go-private talks called off

HONG KONG, Sept 5 (AFP): Shares in French beauty brand L'Occitane plunged by a record of almost 30 percent in Hong Kong on Tuesday after its chairman called off talks on taking the firm private.

The luxury retailer, known for its skincare products and fragrances, raised more than $700 million in its Hong Kong initial public offering in 2010, buoyed by optimism over the booming Chinese consumer market.

Bloomberg News reported in July that chairman Reinold Geiger was studying options for taking the brand private, using a holding company that owned more than 70 percent of its shares.

Since then its shares rallied around 40 percent, while trading in them was suspended Monday "pending the publication of an announcement pursuant to the Code on Takeovers and Mergers", according to an exchange filing.