New takeover bid for Avon?

Published: 12-Apr-2012
Finance

Richemont prepares to launch takeover offer


Investment group Richmont Holdings is understood to be preparing a takeover bid for Avon, according to a report in Fortune magazine. The move follows Avon's earlier rejection of an unsought bid of $10bn from Coty.

Richmont was formerly a leading shareholder in the Avon group but sold its stake. Fortune says its current president, John Rochon, tried to acquire Avon in the late 1980s when he was director-general of Mary Kay. So far neither company has commented on the report.
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