Procter & Gamble said it has accepted Coty Inc.'s $12.5 billion bid to buy 43 of the consumer products giant's beauty brands, including Sassoon Professional, Hugo Boss, Dolce & Gabbana, Max Factor and Covergirl. P&G's stock rose 1% in premarket trade. The company said it expects to book a one-time gain of $5 billion to $7 billion after the closing of the deal, which is expected to occur in the second half of 2016. The company said the reduced earnings per share from the sale of the brands is expected to be completely offset by a combination of share retirement and lower costs. P&G said with the closing of the deal, it is targeting a return to shareholders of up to $70 billion from 2016 to 2019 through the paying of dividends and retired shares. The stock has dropped 11% year to date through Wednesday, while the Dow Jones Industrial Average has lost 1.7%.
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