L’Oreal SA, the world’s largest cosmetics maker, offered to buy French retailer PPR SA’s YSL Beaute unit and license its Yves Saint Laurent and Boucheron perfumes for 1.15 billion euros ($1.68 billion).

The companies said today that they expect to sign an agreement in “the coming weeks.”

L’Oreal will get exclusive rights to negotiate an accord to make fragrances under the Ermenegildo Zegna, Oscar de la Renta and Stella McCartney brands, PPR said in an e-mail. Both firms are based in Paris.

Bloomberg.com: Europe