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Media report says L’Oréal has designs for possible takeover.
October 12, 2010
By: TOM BRANNA
Editor
Shares of Avon Products leaped more than 6% this morning after a news report that the beauty giant could be a takeover target. A story in Britain’s Daily Mail newspaper claimed that one bidder for Avon is L’Oréal, which is preparing a cash offer of more than $44 a share, according to the report. Avon, ranked fourth in Happi’s Top 50, reported annual sales of $7.4 billion for cosmetics, toiletries and fragrances. Corporate sales were $10.3 billion, and net income was $625 milli...
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