Brazil's Natura SA said on Wednesday it had reached an agreement to buy riv...
SAO PAULO - Brazil’s Natura SA said on Wednesday it had reached an agreement to buy rival Avon Products Inc via a share swap, creating the world’s fourth-largest beauty company with a redoubled focus on direct sales.
After Natura pushed into high-end retail shops with the acquisitions of Aesop in 2013 and The Body Shop in 2017, the takeover of its biggest rival in direct sales is a renewed bet on the company’s core business of door-to-door distribution. Shares in both companies ended over 9% higher on Wednesday as investors cheered the consolidation. Avon shares jumped 9.1% and Natura reversed early losses to end 9.4% up.
Natura estimated that the deal could yield between $150 million and $250 million of annual cost savings.
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