P&G will separate 43 of its cosmetics, fragrance and haircare brands and fold them into Coty under a “Reverse Morris Trust” transaction that will ultimately give P&G shareholders a majority stake in the new entity. The combined company is expected to have annual revenue of more than $10 billion – double Coty’s turnover – and will be led by Coty CEO Bart Becht. JAB Cosmetics B.V., which owns 97 percent of Coty’s Class B shares, is in favour of the deal, Coty said.