Shares of Procter & Gamble Co (NYSE:PG) ended Friday session in red amid volatile trading. The shares closed down -1.56 points or -1.78% at $86.24 with 21.95 million shares getting traded. Post opening the session at $87.10, the shares hit an intraday low of $86.24 and an intraday high of $87.17 and the price vacillated in this range throughout the day. The company has a market cap of $229.76 billion and the numbers of outstanding shares have been calculated to be 2.67 billion shares.
Procter & Gamble Co (PG) on September 1, 2016 announced the commencement of an exchange offer for the separation 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”).
This represents the next step in the proposed tax-efficient Reverse Morris Trust transaction with Coty Inc. (COTY) announced on July 9, 2015. In the proposed split-off transaction, P&G will transfer the assets and liabilities of P&G Specialty Beauty Brands, other than specified excluded brands, to Galleria Co., a wholly owned subsidiary of P&G created to facilitate the transaction. Following completion of the exchange offer, Galleria Co. will merge with a wholly owned subsidiary of Coty and become a wholly owned subsidiary of Coty.
The exchange offer provides P&G shareholders with the opportunity to exchange their shares of P&G common stock for shares of Galleria Co. common stock, which will convert into shares of Coty class A common stock upon completion of the merger. The exchange and the merger are expected to be tax-free to participating P&G shareholders for U.S. federal income tax purposes.
Shares of Ambev SA (ADR) (NYSE:ABEV) ended Friday session in red amid volatile trading. The shares closed down -0.25 points or -4.01% at $5.99 with 21.87 million shares getting traded. Post opening the session at $6.07, the shares hit an intraday low of $5.99 and an intraday high of $6.10 and the price vacillated in this range throughout the day. The company has a market cap of $98.08 billion and the numbers of outstanding shares have been calculated to be 15.70 billion shares.
Ambev SA (ADR) (ABEV) produces, distributes, and sells beer, draft beer, soft drinks, other non-alcoholic beverages, malt, and food in the Americas. The company operates through Latin America North, Latin America South, and Canada segments. It offers beers primarily under the Skol, Brahma, and Antarctica brands. The company also provides carbonated soft drinks, bottled water, isotonic beverages, energy drinks, and ready-to-drink teas under the Guaraná Antarctica, Guaraná Antarctica Black, Gatorade, H2OH!, Lipton Iced Tea, Fusion, Monster, Red Rock, Pepsi-Cola, and Seven Up brands. Ambev S.A. offers its products through a network of third-party distributors and a direct distribution system. The company was founded in 1885 and is headquartered in São Paulo, Brazil. Ambev S.A. is a subsidiary of Interbrew International B.V.