CoverGirl Is Getting a New Owner

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In a $13 billion dollar deal, Procter & Gamble has announced the commencement of a “shift of brands” for mainstays like CoverGirl makeup, Clairol hair color and Wella shampoos to Coty.

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P&G announced last year that it would exit “40 lagging beauty brands,” which fall under the P&G Specialty Beauty Brands umbrella. Perhaps best know for being the house of Calvin Klein, Chloe, Marc Jacobs and other licensed fragrances, as well as Philosophy, OPI, Rimmel London and Sally Hansen, Coty will now more than double in size with the spinoff.

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While it remains to be seen what (if anything) this will mean for beauty-lovers, the deal does mean something for the stock market, as P&G shareholders will be able to exchange their shares for shares of Coty at a 7 percent discount through September 29.