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L’Oréal shows building stakes in a rival might just be worth it
Lex专栏:欧莱雅入股同行或许物有所值

Galderma shareholders’ best case is that French group’s stakebuilding is prelude to full takeover
而对目标公司、瑞士护肤企业高德美的股东而言,最理想的情况是,这家法国集团的增持只是全面收购的前奏。

It is rarely a good look for a listed company to buy a minority stake in another, however glamorous the target’s prospects may be. There is no reason why a company should be better than its shareholders at stockpicking, and investors should be free to make their own mistakes.

对于一家上市公司而言,收购另一家公司少数股权往往并不妥当,不论目标公司的前景多么光鲜。企业选股能力未必优于股东,投资者理应有权自主决策并承担相应风险。。

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