Mukesh Ambani’s Reliance contemplating a proposition to purchase Revlon in the US; Shares rise

mukesh ambanisreliance contemplating

Revlon, which is controlled by billionaire Ron Perelman’s MacAndrews & Forbes, suffered during the epidemic following years of dwindling sales and financial squabbles, which the firm said Thursday could “hinder” its rehabilitation effort.

Revlon Inc. shares rose as much as 62 percent in New York trading after ET Now stated that Reliance Industries Ltd. Is considering purchasing the cosmetics behemoth.

As per people familiar with the issue, Reliance Industries, headed by Indian billionaire Mukesh Ambani, is mulling a proposal 2 days after Revlon registered for Chapter 11 bankruptcy.

MacAndrews & Forbes, owned by billionaire Ron Perelman, struggled during the pandemic following years of dwindling sales and financial difficulties that could “impede” its restructuring.

Requests for comment from Revlon and Reliance Industries were not promptly returned.

In the midst of the Great Depression, Revlon began selling nail paints and later expanded its line to include matched lipsticks. By 1955, the brand had gone global. Through Thursday’s close, shares of the cosmetics behemoth had fallen 83 percent from the dawn of 2022.

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