South Korea made a conditional offer of talks with the North on Sunday, but the North has said that it was merely a "crafty trick".

BBC: North Korea lists terms for talks with US and S Korea

The deal, which is expected to be completed early next year, is conditional upon successful completion of a bond offer, European Union approval and Kansas State Commission consent.

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"With a new CEO, Avon's board firmly believes that there is greater opportunity to improve shareholder value in excess of Coty's conditional indication of interest, " the beauty firm said in a statement responding to Coty's offer.

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