it is a game changer for minmetals.et was a big coup. >> there is this debate whether we are going to see surfaces, the commodity price has been under pressure. that whole debate, the timing of this asset sale, is what struck me as interesting. >> that is true. it has been well flagged. it has been a protracted predawn -- period of discussion. >> let's leave it there. work hard. jessie on the metals and mining deal at glencore. l'oreal is one of the world's biggest cosmetic companies and it will announce its first quarter results later today. so far it has been a fairly inquisitive year for the company. is caroline us more hyde. what is the story here? >> you are too kind. it is all about exposition. it is phenomenal how l'oreal has built itself up over the years. 28 brands, just one is homegrown. l'oreal paris of course. 27 it has bought into. it has a strong track record of driving up sales. in a nail polish brand, i am not sure you are familiar with it, they brought it back in 2010. they have driven its size up 10 ti

minmetals is leading a group, paying more than 5.8 billion dollars for the asset.ning us now, jesse rise borough. both look at the deal from sides of the table. why am i disposing of -- it is a prime asset. they are required to talk to the chinese governments. toy are a bit immune investing into new minds. for them, it is not a bad thing that they can sell this, and get a bit more cash in the books. >> how big a problem is the balance sheet? >> it is critical for them to address these issues. >> people or talk about five, this is near six. >> most people or thinking 5 billion. they are very bullish on the outlook and they need the supplies. that is about 10% of china's consumption. >> glencore's management, i would be nervous negotiating with ivan. >> they have known each other for a long time. he commented at the time that he was a tough negotiator, but very fair, and a man of his word. in terms of the message that this is sending out, it sends out a clear message that the chinese are interested in resourcing. >> jesse, nice to see you. jesse riseborough. coming u

you are one percent higher than the minmetals share.e waiting to find out how they're going to use the money. this is an exercise in deleveraging. there could be a special dividend. >> the statement did refer to lowering debt, so perhaps that is why there -- some of the shares have not popped. some are talking about two to $3 billion. clearly, the intention is to reduce the net debt. an asset like this does not come on the market very often. will announce sales later today. it has been on the acquisition trail this year, with the purchase of china's magic holdings. will this boost the company's growth? hyde.ith more is caroline thing.a big -- theme. >> it has 28 brands which makes us the biggest cosmetics player. beenr, they have really blazing the acquisition trail. they have splurged more than $5 billion. chief among them is the deal in china. they are focusing on the growing middle class and the emerging markets. , face products and facemasks seems to be the area of growth. magic holdings spent almost $700 million, apparently their f