Coty hives off majority stake in Wella portfolio to KKR
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(Reuters) - Coty Inc said on Monday it would sell a majority stake in its hair and nail care brands, including Wella and OPI, to U.S. buyout firm KKR & Co Inc for $3 billion(2.43 billion pounds) in cash in a push to simplify its product portfolio and cut down debt.Shares of the company rose 15% after it also laid out plans to cut costs by $700 million and announced an additional $1 billion investment by KKR.Coty, which has been struggling with slowing sales and mounting debt, had put the..