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Coty withdraws Avon bid

from The Wall Street Journal

Coty Inc. recently withdrew its $10.7 billion offer for Avon Products Inc., concluding its high-profile effort to take over a struggling larger rival. Fragrance maker Coty said in a letter to Avon's board it was moving on to pursue other opportunities, after Coty said the door-to-door beauty seller didn't explain to Coty why it was taking more time to respond to its proposal. (Subscription required.) more

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