May 22, 2019 / 9:18 PM / 8 months ago

Brazil cosmetics firm Natura agrees to buy Avon Products

FILE PHOTO: The Avon Products headquarters is seen in midtown Manhattan area of New York, June 21, 2013. REUTERS/Brendan McDermid/File Photo

SAO PAULO (Reuters) - Brazil’s Natura SA said on Wednesday it has reached an agreement to buy U.S. rival Avon Products Inc in an all-stock deal, creating the world’s fourth-largest cosmetics company.

Under the terms of the agreement, Natura shareholders will hold 76% of the combined company with annual revenue over $10 billion, according to a securities filing.

The deal is expected to generate annual cost savings of $150 million to $250 million, Natura added.

Reporting by Gabriela Mello; Editing by Sandra Maler

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