(MENAFN) US Coty Inc. announced acquiring Procter & Gamble's perfume, hair care and make-up businesses for USD12.5 billion in the largest cosmetics merger recently, Oman Observer reported.
The maker of Calvin Klein and Chloe perfume would become the No. 1 perfume maker ahead of L'Oreal and No. 3 make-up provider behind its French rival and Estee Lauder.
The deal comes just in time as Coty's sales across categories have been declining or weakening for more than two years, which P&G has been struggling to expand its beauty business.
"We are getting critical mass around the globe with access to key markets such as Brazil, Japan and Mexico," the US company's Chairman and Chief Executive said in a statement.
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