Neither Procter & Gamble nor Coty would confirm it, but sources say that Coty has agreed to purchase several beauty business from P&G in a deal that could be worth $12 billion. Coty executives are said to have huddled with bankers in recent days to discuss buying P&G’s divisions through a Reverse Morris Trust, a source said. Such a move would save P&G from paying capital gains taxes on the deal. Under such a move, P&G would sell just under a majority stake to Coty a...