P&G to rinse off shampoo units

HENKEL & Co and Coty, both of which have personal care and cosmetics businesses, made binding offers to buy separate parts of Procter & Gamble’s beauty businesses worth up to a total of $12bn, according to sources.

The bids bring P&G one step closer to shedding several assets it considers non-core to cut costs. Henkel made an offer for P&G’s haircare business, which includes the Wella and Clairol brands, and could fetch a valuation of $5-7bn.

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