Coty Going Public?


FRANKFURT—Reuters reported yesterday fragrance giant Coty, after pulling its $10.7 billion Avon proposal, is preparing an initial public offering per its chairman.

"Yes, we're working on a flotation," Peter Harf told Financial Times Deutschland, in an advance copy of its Friday edition.

Reuters said Coty selected Bank of America Merrill Lynch (BAC.N) and JPMorgan Chase & Co (JPM.N) to lead the IPO and would be filing a prospectus with U.S. regulators soon. The IPO would value Coty at more than $7 billion, making it almost as valuable as Avon.