Coty aims Avon and puts up a $10 billion bid to acquire control. The US perfume company would be interested in the cosmetics multinational and would have already put on the plate an offer which, according to reports from Bloomberg, provides for the acquisition of the company's shares at a price of 23,25 dollars, 20% more than the Avon's closing price on the New York Stock Exchange on March 30.
The group, founded in Paris in 1904 by Francois Coty, but now based in the Big Apple, said it has already obtained the go-ahead for the financing needed to complete the deal. If successful, it would acquire a company that has more than double its sales but suffered a 40% loss in share value last year. A takeover bid that the company said it would not be hostile. It will leverage the group's need to find a new governance capable of resolving its fortunes.
