European Commission okays Coty's deal with P&G

NEW YORK -- Coty Inc. has received antitrust clearance from the European Commission in connection with the company's proposed merger with Procter & Gamble's specialty beauty business.

Coty has already received regulatory approval from the U.S., and several other required countries. Coty remains on track to complete the merger in the second half of calendar year 2016.

Last month Coty said 10 out of 12 P&G fragrance licenses for brands including Gucci, Hugo Boss, Lacoste and Escada will transfer to the deal is completed. The deal, announced last summer, also includes P&G’s salon hair products and cosmetics businesses.

Founded in Paris in 1904, Coty is a pure play beauty company with a portfolio of well-known fragrances, color cosmetics and skin & body care products sold in over 130 countries and territories. Coty’s product offerings include such leading power brands as adidas, Calvin Klein, Chloé, DAVIDOFF, Marc Jacobs, OPI, philosophy, Playboy, Rimmel and Sally Hansen.