Pursuits
Coty Declines as Investors Wait for Post-P&G Deal Strategy
- Merger with P&G brands on track to be completed in October
- Company’s earnings beat analysts’ estimates last quarter
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Coty Inc. shares fell the most in more than seven weeks after the company posted its second straight net loss and investors wait for more insight about its pending merger with Procter & Gamble Co.’s beauty brands.
The shares slipped 4.9 percent, the biggest single-day drop since June 24. Before the tumble, the stock had gained 16 percent this year -- including 11 percent in August alone.