Coty reportedly nears deal to buy Procter & Gamble businesses
Updated : 09:43
US company Coty, which owns cosmetics brand Rimmel, has reportedly won auctions to buy three businesses from Procter & Gamble for as much as $12bn.
According to the New York Post, P&G alerted Coty over the weekend that it had won the auction and has begun calling the losing bidders, although the deal has not been finalised yet.
Shares in German consumer product manufacturer Henkel fell 3% on the reports. Henkel had reportedly made a binding offer to buy parts of P&G’s beauty businesses.