NEW YORK (TheStreet) -- Shares of Procter & Gamble (PG) are gaining 1.56% to $78.89 on Tuesday on reports that it received bids from Coty (COTY) and Germany's Henkel to buy separate parts of its beauty business, according to Reuters.
Coty is a global beauty products manufacturer located in New York City, and Henkel is a consumer product company based in Dusseldorf, Germany.
While Coty submitted bids for P&G's fragrance unit and its cosmetics business, Henkel made an offer for P&G's haircare business.
The beauty businesses could be worth up to a total of $12 billion.
As P&G's CEO A.G. Lafley looks to cut costs, the bids bring the company "one step closer to shedding several assets it considers non-core, Reuters noted.
Similarly, shares of Coty are rising on Tuesday's afternoon trading session by 0.71% to $25.69.
Separately, TheStreet Ratings team rates PROCTER & GAMBLE CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate PROCTER & GAMBLE CO (PG) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."