Body shop founder set for takeover windfall
Green campaigner and Body Shop founder Dame Anita Roddick was in line for a multi-million pound windfall today after agreeing to sell the cosmetics chain to L’Oreal.
Dame Anita and her husband, Gordon Roddick, will bank around £117.4m (€169.2m) from their 18% stake after agreeing to back the board’s decision to sell Body Shop to the French firm for £652.3m (€940.3m).
It marks the end of an era for Body Shop and Dame Anita.
But the 63-year-old – arguably the UK’s highest profile businesswoman – denied she was selling-out after years of campaigning about issues such as fair trade, sustainable development and animal testing.
Dame Anita, who will remain in her current role as a consultant, insisted Body Shop’s ethics would not change.
“I don’t see it as selling out,” she said. “For both Gordon and I, this is without doubt the best 30th anniversary gift the Body Shop could have received.
“L’Oreal has displayed visionary leadership in wanting to be an authentic advocate and supporter of our values.”
Body Shop accepted an offer of 300p a share from L’Oreal – a large premium on its closing price of 268p last night. Shares surged 10% today.
