Shares of Procter & Gamble Co (NYSE:PG) ended Tuesday session in red amid volatile trading. The shares closed down –0.31points or -0.35% at $88.35 with 23.32 million shares getting traded. Post opening the session at $88.29, the shares hit an intraday low of $87.95 and an intraday high of $88.68 and the price vacillated in this range throughout the day. The company has a market cap of $232.98 billion and the numbers of outstanding shares have been calculated to be 2.67 billion shares.
Procter & Gamble Co (PG) announced the completion of its Reverse Morris Trust transaction with Coty Inc. (COTY), including the transfer of its global fine fragrances, salon professional, cosmetics and retail hair color businesses, along with select hair styling brands (collectively referred to as “P&G Specialty Beauty Brands”).
On September 30, 2016, P&G completed a split-off transaction whereby P&G provided its shareholders with the opportunity to exchange their shares of P&G common stock for Galleria Co. common stock. Effective October 1, 2016, Galleria Co. merged with a subsidiary of Coty and became a wholly owned subsidiary of Coty, whereby Galleria Co. common stock was converted to common stock of Coty Inc.
“The completion of this transaction is a key step in our journey to return P&G results to a balance of strong top-line growth, bottom-line growth and cash generation,” said David S. Taylor, P&G Chairman, President and Chief Executive Officer. “This effectively completes the major work we undertook two years ago to streamline and strengthen our product portfolio. We are now focused on 10 product categories and about 65 brands where P&G has leading market positions and where product technologies deliver performance differences that matter most to consumers.”
“I’m pleased with the timely, efficient and effective transition of these businesses. I want to share my personal thanks to all the employees who have transitioned to Coty,” Taylor added. “They showed amazing dedication during a period of uncertainty—demonstrating time and time again the strong character of P&G people. I thank them for everything they did during the transition and for all their years with P&G and wish them an exciting future with Coty.”
Shares of Altria Group Inc (NYSE:MO) ended Tuesday session in red amid volatile trading. The shares closed down -1.05 points or -1.67% at $61.78 with 7.87 million shares getting traded. Post opening the session at $62.70, the shares hit an intraday low of $61.51 and an intraday high of $62.80 and the price vacillated in this range throughout the day. The company has a market cap of $119.98 billion and the numbers of outstanding shares have been calculated to be 1.95 billion shares.
Altria Group Inc (MO) announces the consummation of and final results for its previously announced cash tender offer for any and all of its senior unsecured 9.95% Notes due 2038 (the “2038 Notes”) and any and all of its senior unsecured 10.20% Notes due 2039 (the “2039 Notes” and, together with the 2038 Notes, the “Notes”). The terms and conditions of the tender offer are described in the Offer to Purchase, dated September 13, 2016 and the related Letter of Transmittal and Notice of Guaranteed Delivery.
The tender offer for the Notes expired at 5:00 p.m., New York City time, on Monday, September 19, 2016 (the “Expiration Time”).