Reuters reported last week that Henkel & Co KGaA AG (HNKG_p.DE) and Coty, both of which have personal care and cosmetics businesses, made binding offers to buy separate parts of P&G’s beauty businesses. P&G, the world’s largest household products maker, has been looking to sell several assets it considers non-core as part of its cost-cutting strategy. Coty, which has a market value of $9.39 billion and makes perfume for fashion brands Calvin Klein and Marc Jacobs and owns nail polish brand OPI and Rimmel mascara, has been looking to expand its products portfolio.