May 16 (Reuters) – Beauty company Coty Inc has selected Bank
of America Merrill Lynch and JPMorgan Chase & Co
to be the lead underwriters for a planned initial public
offering this autumn, a person familiar with the matter told
Reuters.
The IPO would value Coty, known for fragrances for Madonna
and Playboy, at more than $7 billion, the source said, adding
that the company would file its S-1 prospectus “soon.”
Coty declined to comment, as did Bank of America and
JPMorgan.
Coty on Monday withdrew its $10.7 billion unsolicited offer
to buy larger rival Avon Products Inc, faulting what it
said was the direct seller’s “unwillingness” to sit down for
talks.
Fragrances accounted for 57 percent of Coty’s $4.1 billion
in sales in its year ended June 2011. The bulk of its sales come
from Europe and North America.
CNBC first reported the news that Coty had picked
underwriters.
