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Revlon Jumps on Report Reliance Industries Mulling an Offer (2)

June 17, 2022, 1:41 PM

Revlon Inc. shares surged as much as 62% in New York trading after ET Now reported that Reliance Industries Ltd. is considering buying the cosmetics giant.

Reliance Industries, controlled by Indian billionaire Mukesh Ambani, is mulling an offer just days after Revlon filed for Chapter 11 bankruptcy, the publication reported, citing people familiar with the matter.

Revlon, owned by billionaire Ron Perelman’s MacAndrews & Forbes, suffered during the pandemic after years of declining sales and endured financial controversies that the company said Thursday could “impede” its restructuring process.

Representatives for Revlon and Reliance Industries didn’t immediately ...