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29 Sep

Coty Begins Trading on Euronext Paris – WWD

Coty Begins Trading on Euronext Paris – WWD

PARIS — On its first day of trading on the skilled segment of Euronext Paris Thursday, Coty Inc.‘s stock remained stable, closing the day down about 0.1 percent to 10.39 euros.

The maker of CoverGirl and Lancaster products began trading on the exchange at 3:30 p.m. CET.

As previously reported, the wonder company, which is already listed on the Recent York Stock Exchange, on Monday announced the launch of a world offering of 33 million shares of Coty’s outstanding Class A standard stock. It is an element of a plan to secure a double listing in Paris.

The worth was set at 10.28 euros, or $10.80 per share.

Coty said in May that it was looking right into a dual listing. The corporate had gone public in Recent York in 2013.

In May, during an interview with WWD, Coty chief executive officer Sue Y. Nabi explained why the corporate was mulling such a move within the French capital.

“European investors need to buy Coty stock. It’s so simple as this,” she said. “That is the precise moment to accomplish that. Eleven quarters in line or ahead of expectation is moment to begin this. I’d say that on the Paris Stock Exchange half of the market cap is made with beauty and luxury corporations, and we’re a beauty and luxury company.”

Coty intends to make use of the online proceeds of an offering primarily to repay outstanding debt and in addition for general corporate purposes, reminiscent of making investments, working capital and capital expenditures.

On the close of its most up-to-date fiscal yr, ended June 30, Coty’s net debt stood at $4 billion.

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