Avon Pushed to Buy Back Stock: A...
From Times Staff and Wire reports
Avon Pushed to Buy Back Stock: A group of powerful investors increased its pressure on the management of Avon Products Inc. to repurchase $500 million of its own shares. In a letter to the cosmetics company’s chairman, James E. Preston, Chartwell Associates said the move would “enhance value for all shareholders.” John Cox, a spokesman for the New York-based firm, said there was nothing new in the recommendation. Chartwell, a limited partnership that includes oil heir Gordon P. Getty’s Family Trust, controls about 20% of Avon’s stock.
