Avon Products Inc. shares declined due to poor quarterly results and increased market concerns about fines related to the Foreign Corrupt Practices Act (FCPA) investigation. Turnarounds generally take time, and we continue to have confidence that the new management team is taking the correct steps to improve the business. We believe the concerns about the potential magnitude of FCPA fines are overstated given the practices that Avon Products Inc. is being investigated for as well as previous FCPA fines levied on other firms. The shares remain inexpensive based on our assessment of normalized earnings and the potential value to a strategic buyer.
From Yacktman Funds' 2013 Annual Report - Portfolio Manager's Comments
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