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Following the withdrawal of its bid for Avon, perfume maker Coty is preparing an initial public offering (IPO), its chairman told a German newspaper.
"Yes, we're working on a flotation," Peter Harf told Financial Times Deutschland, only shortly after the company had withdrawn its $10.7bn offer to buy Avon Products.
According to Reuters the IPO would value Coty at more than $7bn, and the beauty firm had selected Bank of America Merrill Lynch and JPMorgan Chase & Co to lead the proceedings.
Coty had originally made a bid back in March to acquire Avon for $10bn, before this was upped last month to $10.7bn. However, this offer was then withdrawn claiming that Avon had taken too long to respond to it.
