Coty Withdraws $10.7 Billion Takeover Bid for Avon

Coty Inc. said on Monday it's withdrawing its $10.7 billion takeover bid for Avon Products, saying the world's largest cosmetics direct seller had missed its deadline to start talks. Coty had first made a public offer for Avon in April, but later told that company's board that it had until the close of business on Monday to start talks.