Body Shop sold to L'Oréal

L'Oréal has bid 300 pence per share for The Body Shop, valuing the company at £642 million. The British company was founded in 1976 by Anita and Gordon Roddick who will maintain an 18 percent stake in the company. Anita will stay on as consultant for the company, advising L'Oréal on community trade issues. "It's not selling out," said Anita during a press conference. "And the assumption that I am sitting next to an enemy is one that is absolutely wrong."

L'Oréal chairman and chief executive Lindsay Owen-Jones said that the sale could not have gone through if Anita had not agreed to it. "For all Body Shop customers, the first thing they want to know is if Anita is going to stay," he said. "A partnership between our companies makes perfect sense. Combining L'Oréal's expertise and knowledge of international markets with The Body Shop's distinct culture and values will benefit both companies."