FRANKFURT Beauty company Coty Inc is preparing an initial public offering, its chairman told a German newspaper.
"Yes, we're working on a flotation," Peter Harf told Financial Times Deutschland, in an advance copy of its Friday edition.
The plan comes just three days after Coty pulled a $10.7 billion unsolicited offer to buy Avon Products Inc. (AVP.N).
Reuters reported on Wednesday that Coty had selected Bank of America Merrill Lynch (BAC.N) and JPMorgan Chase & Co (JPM.N) to lead the IPO and would be filing a prospectus with U.S. regulators soon.
The IPO would value Coty at more than $7 billion, the source told Reuters on Wednesday, making it almost as valuable as Avon.
Coty pulled its bid for Avon after the company failed to engage in talks. Before making the offer, Coty CEO Bernd Beetz had said Coty might go public if a deal did not happen.
Coty did not immediately respond to calls seeking comment on Thursday.
(Reporting by Victoria Bryan and Nivedita Bhattacharjee; Editing by David Hulmes)