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Coty withdraws takeover bid for Avon

Coty said on Monday it is withdrawing its USD10.7 billion takeover bid for Avon Products, saying the world’s largest cosmetics direct seller had missed its deadline to start talks.

Coty had first made a public offer for Avon in April, but later told that company’s board that it had until the close of business on Monday to start talks.

"Your total lack of engagement with us leads us to believe that you remain reluctant to explore a friendly, negotiated combination on a reasonable timetable," Coty Chairman Bart Becht said in a letter to Avon dated on Monday and made public.

(Source: CNBC)