With scent and skincare giant Coty’s $10bn bid approach for Avon Products, the descendants of Johannes Benckiser have put Bart Becht straight back to work.
Mr Becht stepped down last summer as a highly acclaimed (and paid) chief executive of Reckitt Benckiser, the listed household goods and personal care group in which private family company Joh A Benckiser has a 15 per cent stake. By November, with the applause of Reckitt’s investors still ringing in his ears, he had stepped in to chair another Benckiser holding – unlisted Coty, the biggest fragrance company in the world, with perfume brands from Calvin Klein to Lady Gaga’s forthcoming ‘Monster’.
For all the soft-focus marketing of Coty’s products, Mr Becht’s “Dear Andrea” letter to his Avon counterpart Andrea Jung is as direct as the sales pitch for his former employer’s popular Cillit Bang grime-cleaner. The Dutchman writes:
We were surprised and disappointed that Avon’s Board of Directors has no interest in a discussion to explore our acquisition proposal…. We do not understand how your Board’s unwillingness to discuss our proposal can serve the best interests of Avon’s shareholders.