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Brazil's Natura amends conversion rate in Avon deal

Brazilian personal care products maker Natura Cosméticos SA revised the conversion rate in its planned acquisition of British cosmetics retailer Avon Products Inc.

According to a regulatory filing dated Oct. 4, each Avon share will be converted to 0.3 Natura American depositary receipt. Each Nature ADR represents 2 Natura shares, which means each Avon share will be equivalent to 0.6 Natura stock.

The two companies announced the all-share deal in May, which will see Natura shareholders own a 76% stake in a new combined entity named Natura Holding SA. Avon shareholders, on the other hand, will hold the remaining 24%.

The transaction is expected to close in early 2020, subject to customary closing conditions including the approvals from shareholders of both the company and antitrust authorities in Brazil and certain other jurisdictions.