Avon rejects $10 billion takeover bid from Coty
(Reuters) – Beauty company Coty Inc said on Monday that it had offered to buy Avon Products Inc for $10 billion and was willing to raise the price, but the bid was rejected by the cosmetics direct seller, which faces sliding sales in key markets and a bribery probe. Coty, whose products include fragrances by celebrities including Beyonce and Lady Gaga, said it had no plans to make a hostile bid, but had been “unsuccessful” in getting Avon to talk about a deal. The fast-growing privately held company majority-owned by Joh. A Benckiser, is offering $23. . . .
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