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Fly News Breaks for June 16, 2015
PG, COTY
Jun 16, 2015 | 07:39 EDT
After The New York Post reported that Coty (COTY) had won an auction for three Procter & Gamble (PG) beauty businesses, Wells Fargo thinks that Coty's stock could rally if the deal, reportedly worth $12B, goes through or if Coty makes a similar deal with Procter & Gamble . The firm notes that The Post said that the deal has not been finalized. Wells says that the deal would increase Coty's revenue base to nearly $11B from $4.4B, while the reported acquisition price is below the valuation that it had expected. Wells keeps an Outperform rating on Coty.