Coty Inc. Announces Receipt of Unconditional Antitrust Clearance from European Commission in Connection With P&G Specialty Beauty Business Merger
February 16th, 2016
Coty Inc. (NYSE: COTY) announced today that it has received unconditional antitrust clearance from the European Commission in connection with Coty’s proposed merger with The Procter & Gamble Company’s (NYSE:PG) fine fragrance, color cosmetics, salon professional and hair color and styling businesses (“P&G Specialty Beauty Business”).
Obtaining the European Commission approval represents an important milestone for the transaction to proceed. Coty has already received regulatory approval from the U.S., and several other required countries. Coty remains on track to complete the merger in the second half of calendar year 2016, and will provide a more detailed timeframe during its third quarter fiscal 2016 earnings announcement in early May.
About Coty Inc.
Coty is a leading global beauty company with net revenues of $4.4 billion for the fiscal year ended June 30, 2015. Founded in Paris in 1904, Coty is a pure play beauty company with a portfolio of well-known fragrances, color cosmetics and skin & body care products sold in over 130 countries and territories. Coty’s product offerings include such leading power brands as adidas, Calvin Klein, Chloé, DAVIDOFF, Marc Jacobs, OPI, philosophy, Playboy, Rimmel and Sally Hansen.
Certain statements in this release are forward-looking statements. Actual events may differ from the Company's current views due to risks and uncertainties. More information about potential risks and uncertainties is included under "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2015 and other periodic reports the Company may file with the Securities and Exchange Commission from time to time. The Company assumes no responsibility to update forward-looking statements made herein or otherwise.
Kevin Monaco, 212-389-6815
Jennifer Friedman, 212-389-7175