The private equity firm may team up with L’Occitane billionaire owner Reinold Geiger for the buyout, said one of the people, who asked not to be identified as the information isn’t public. An announcement could come as soon as in the coming days, the people said. Trading of L’Occitane was suspended before Tuesday’s trading session began in Hong Kong, pending announcement related to takeover codes. 

While deliberations are at an advanced stage, they could still be delayed or even fall apart, the people said. Blackstone may also be a minority shareholder in any buyout, one of the people said. A representative for Blackstone declined to comment, while L’Occitane didn’t immediately respond to a request for comment.

The private equity firm has been considering a bid for L’Occitane and has conducted preliminary due diligence, Bloomberg News reported in February. The company has a market value of about HK$43.6 billion ($5.6-billion). A vehicle ultimately controlled by L’Occitane chairman Geiger owns more than 70% of the company, exchange filings show.

L’Occitane was founded in 1976 by Frenchman Olivier Baussan, who started out making essential oils from plants like lavender in the Provence countryside and selling them at local markets. Geiger became a minority shareholder in 1994, but has said the company’s poor performance prompted him to start working there in a bid to safeguard his investment.

He expanded L’Occitane globally, saying he decided to move into Asia after being impressed by the region’s work ethic. Initially, the strategy went so badly that his auditor warned the poor results could put the whole company in jeopardy. The retailer was listed in Hong Kong in a 2010 initial public offering and now has eight brands and some 3,000 locations in 90 countries. Yet it earns only about one-third of its revenue in Asia, while the Americas is its fastest growing region.