COSMETICS

U.S. OKs Maybelline Bid: French cosmetics giant L’Oreal said the Justice Department’s antitrust division has cleared its $762-million offer for Memphis, Tenn.-based Maybelline Inc., removing the last big hurdle to the acquisition. L’Oreal, which struck a friendly agreement to acquire Maybelline in December, sweetened its offer twice to fend off a rival bid by German cosmetics group Joh A. Benckiser. Wall Street sources said Thursday’s action dashed any chance for Benckiser to reenter the fray. Benckiser declined to comment on the government approval. The Maybelline acquisition will allow L’Oreal to take advantage of the U.S. group’s vast distribution network. “This is good for Maybelline and L’Oreal,” said Brenda Landry of Morgan Stanley. Maybelline stock rose 37.5 cents to $44 on the New York Stock Exchange.