BREAKING NEWS: Coty triumphs at P&G auction, buys all three business units for US$12 billion

BREAKING NEWS: Coty triumphs at P&G auction, buys all three business units for US$12 billion

Coty has allegedly swept the floor at the Proctor & Gamble auction, winning all three of P&G’s cosmetics and beauty businesses for a total of US$12 billion.

According to a report in the New York Post, Coty was the successful bidder for both P&G’s fragrance unit and color cosmetics business, and will also make its first foray into the hair care category with the acquisition of P&G’s Wella and Clairol brands.

P&G reportedly alerted Coty over the weekend, as Henkel CEO, Kaspar Rorsted revealed that the FMCG giant’s hair care business was of no interest to the German manufacturer.

Selling its three business units in one transaction will save P&G from paying capital gains taxes on the deal as Coty will be accorded a majority stake in the combined operation.

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