Coty Chairman Becht Steps Up Drive to Acquire Avon, FT Reports
Coty Inc., the closely held perfume maker seeking to buy Avon Products Inc. (AVP) for $10 billion, is stepping up its campaign by planning to talk to shareholders of the door-to-door beauty group, the Financial Times reported. [bn:PRSN=1710887]
Bart Becht,  Coty’s chairman, said he will start talking to Avon’s shareholders in the next two weeks to put pressure on the company’s board who rejected its proposal, the FT reported, citing an interview.
The acquisition of Avon and its sales team would create a new rival to global beauty groups such as L’Oreal SA (OR), the world’s largest maker of cosmetics, and Procter & Gamble Co. (PG), the world’s largest consumer-products company, the report said.
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