NEW YORK, July 10 (Bernama--BUSINESS WIRE) -- Coty Inc. (NYSE:COTY) announced today the signing of a definitive agreement to merge The Procter & Gamble Company’s (NYSE:PG) fine fragrance, color cosmetics, and hair color businesses (“P&G Beauty Business”) into Coty through a tax-free Reverse Morris Trust transaction. The transaction is based on a proposal by Coty valuing the P&G Beauty Business at approximately $12.5 billion at the time the proposal was made. Following the transaction, P&G shareholders will own 52% of all outstanding shares on a fully diluted basis (inclusive of all outstanding equity grants), while Coty’s existing shareholders would own 48% percent of the combined company.
The transaction will instantly create one of the world’s largest beauty companies, with pro forma combined annual revenues of more than $10 billion based on fiscal year 2014 performance, strengthening its leadership position in the $300 billion global beauty industry. Together with P&G’s businesses, Coty is expected to become the global leader in fragrances and to significantly enhance its position in color cosmetics.
http://mrem.bernama.com/viewsm.php?idm=24835
No comments:
Post a Comment