The world's biggest cosmetic group, French L'Oreal, announced on Friday that it would take over British Body Shop International for 652 million pounds (around 1.143 billion U.S. dollars).

Body Shop's founders, Gordon and Anita Roddick, as well as all directors, had promised L'Oreal "their irrevocable commitment to bringing their shares," the French group said in a statement.

L'Oreal will pay 300 pence (5.25 dollars) a share for Body Shop, 34.2 percent higher than the share price on Feb. 21, the day before takeover speculation appeared in the media.

After the merger, Body Shop will continue to be maintained as a separate entity and led by its current management team, L'Oreal said.

Body Shop, founded 30 years ago in Brighton, England, is renowned for its environmentally ethical hair and skin products. Having some 2,000 shops in 50 countries, it posted sales of 419.0 million pounds (some 735 million dollars) in the 52 weeks to Feb. 26.

Source: Xinhua