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Natura Cosméticos plans to merge with subsidiary

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Natura Cosméticos plans to merge with subsidiary

Natura Cosméticos SA on Oct. 10 disclosed plans to merge into the company its wholly owned subsidiary Natura Inovação e Tecnologia de Produtos Ltda.

The Brazilian personal products maker said it will hold an extraordinary meeting of shareholders Nov. 1 to vote on the proposal.

Natura Inovação helps the company research and develop new technologies and new cosmetics, personal care, general fragrances, phytotherapeutic, pharmaceutical and other personal products.

Natura Cosméticos said the purpose of the proposed merger is to simplify the company and Natura Inovação's organizational structure, accounting and corporate practices.

The company said holders of its fifth and sixth issued debentures approved the merger.

The merger of Natura Inovação is not expected to result in a capital increase or the issue of new shares as it is a wholly owned subsidiary of the group, but is estimated to result in costs and expenses of approximately 2 million reais.

During the special meeting, shareholders will also vote on the appointment of Jessica DiLullo Herrin as a new independent director, the company said.

As of Oct. 9, US$1 was equivalent to 3.74 Brazilian reais.