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Coty Offers to Buy Avon Products for $10 Billion in Cash

Coty Inc., the seller of perfumes by Heidi Klum and Beyonce Knowles, offered to buy Avon Products Inc. for about $10 billion as Chairman Bart Becht works to more than triple its sales.

The unsolicited cash proposal of $23.25 a share is 20 percent higher than Avon’s closing price on March 30. Coty, based in New York, said in a statement today it won’t pursue a hostile takeover. Avon in a separate statement rejected the bid, saying a deal wouldn’t be in the best interests of shareholders.