Economy Briefs: Avon considering Coty buyout offer

NEW YORK — Avon says it’s considering a sweetened buyout offer of almost $10.7 billion from Coty Inc.

Avon says that it expects to respond to the new offer within a week. The offer was made in a letter May 9.

Coty sweetened its 2-month-old offer by about 6.5 percent to $24.75 per share and demanded a response from Avon by Monday.

Coty indicated that Avon has said it wouldn’t review any bid until its brand new CEO, Sherilyn McCoy, finishes reviewing all of Avon’s operations.

Coty’s financing sources include Warren Buffett's Berkshire Hathaway Inc., German holding company Joh. A. Benckiser GmbH, which controls Coty, and BOT Capital Partners.

MASSACHUSETTS

Scallopers may offer yellowtail relief to fleet

BOSTON — New England fishermen looking for relief after a debilitating cut in the yellowtail flounder catch may soon find help from the booming scallop industry.

Scallopers inevitably snare yellowtail by accident.

So regulators working to protect the species give them a yearly catch limit they can’t exceed. If they catch below their yellowtail limit, they can transfer what’s left over to a fishing industry desperate for it.

This year, there are indications they can shift hundreds of thousands of pounds of unneeded quota.

Maine fisherman Jim Odlin says no matter how much the scallop fleet can transfer, fishermen won’t avoid the major pain from this year’s 80 percent cut in the yellowtail catch.

But he says there’s no doubt fishermen need the extra fish as they struggle to stay in business.

FLORIDA

Officials: Arson at Cuba charter flight company

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