Avon Shares Rise With News Buzz

Shares of Avon Products leaped more than 6% this morning after a news report that the beauty giant could be a takeover target.

A story in Britain’s Daily Mail newspaper claimed that one bidder for Avon is L’Oréal, which is preparing a cash offer of more than $44 a share, according to the report.

Avon, ranked fourth in Happi’s Top 50, reported annual sales of $7.4 billion for cosmetics, toiletries and fragrances. Corporate sales were $10.3 billion, and net income was $625 million.