Avon Products Inc.’s Andrea Jung, the face of the door-to-door cosmetics seller for 13 years, will step down as executive chairman after a tenure that encompassed slumping earnings, a foreign-bribery investigation and a takeover attempt.
Avon Products Inc. is probably due for a ratings cut whether or not it’s bought by Coty Inc., complicating efforts by the world’s largest door-to-door cosmetics seller to restore profitability and stay independent.
Coty Inc., the maker of perfumes by Heidi Klum and Beyonce Knowles, said it is confident in financing for its $10 billion bid to acquire Avon Products Inc. as it works to convince investors to support the offer.
Coty Inc. Chairman Bart Becht said two weeks ago it was time for Avon Products Inc. shareholders to persuade the board to accept his company’s $10 billion bid. Several investors have discussed the offer with the board, and their message is clear: Get more money or forget about it.