Revlon Mulls Sale Of Businesses

Revlon shares soared 16 percent Thursday after the cosmetics company said it's considering selling one or more of its businesses to pay down debt.

The New York-based company, controlled by Ronald Perelman, said it hired bankers Goldman, Sachs and Lazard Freres to examine sales as part of a review of Revlon's businesses, which include Charlie perfume and Creme of Nature.

Revlon (REV) shares, which have gained in the last few weeks amid speculation the company might merge with Unilever, rose as much as 3 1/4 to 23 1/4 on the news of possible sales of businesses.

Revlon said in a release that no decision has been made to sell anything and it could not promise that it will sell anything after it completes its review.

The company reported a loss of $69.1 million in its fourth quarter, after recording a $42.9 million restructuring charge. Perelman's McAndrews & Forbes Holdings Inc. controls 83 percent of Revlon shares.

Written By David Callaway, CBS MarketWatch