Brazil's Natura adjusts conversion rate in Avon deal

Brazil’s Natura Cosmeticos SA announced on Friday an amendment to the acquisition agreement of Avon Products to adjust the conversion rate to recent changes in Natura's capital.

Each Avon share will be exchanged for 0.3 Natura American Depositary Receipts (ADRs).

As each ADR represents two Natura shares, each Avon share will be equivalent to 0.6 Natura stock.

The South American cosmetic firm confirmed its agreement to buy U.S. cosmetics competitor Avon in May this year, making it the world’s fourth-largest cosmetics company upon completion.