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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