Coty would become the No. 1 perfume maker ahead of L’Oreal (OREP.PA) and No. 3 make-up provider behind its French rival and Estee Lauder (EL.N). The deal comes as Coty’s sales across categories have either been stagnating or declining for more than two years while P&G has been struggling to expand its beauty business. Coty shares fell 4.6 percent, while P&G slipped 0.4 percent as investors questioned the benefits of the mega-merger.