CINCINNATI, United States — Procter & Gamble Co is exploring a sale or initial public offering of some of its beauty brands in a single deal, Bloomberg reported, citing people with knowledge of the matter.

The maker of Pantene shampoo and Olay skin care is working on the plan with its advisers, but has not finalized details, including which products will be sold, Bloomberg said.

The world's largest household products maker may still decide not to follow through with the separation, Bloomberg quoted the people as saying.

P&G spokesman Paul Fox said the news was pure speculation and declined to comment further.

The company's shares were up nearly 2 percent at $83.43 in late morning trading the New York Stock Exchange.

P&G in August said it plans to sell about 90 to 100 brands with declining sales, focusing instead on 70 to 80 "core" brands, which account for most of its profit and revenue.

The company's beauty products include the Aussie and Herbal Essences line of hair and body wash products, Covergirl makeup products and Head & Shoulders shampoo among others.

P&G is working on turning around Pantene and Olay, its two largest beauty brands, and is likely to sell some fragrances, make-up and hair salon products, Bloomberg said.

P&G, which also makes Gillette razors and Tide detergent, in November agreed to sell its Duracell battery business to Warren Buffett's Berkshire Hathaway.

The company is also working with Goldman Sachs to explore the sale of its Wella hair care business, which could be worth around $7 billion, Reuters reported in November.

P&G in January reported a fall in profit and revenue, and said it expects the strong dollar to lower sales this fiscal by 3 percent to 4 percent.

By Ramkumar Iyer; editor: Savio D'Souza.