Brazil’s Natura Cosmeticos SA recently approached Avon Products Inc. about a takeover, according to people familiar with the matter.
The companies aren’t in serious talks and Avon, which has received other expressions of interest, is focused on turning itself around and reviving its shares, one of the people said.
Following years of decline in its once-formidable direct-sales business, Avon AVP, +2.97% had a market value as of Monday’s close of just $900 million. Still, with $5.7 billion in sales last year and $1.9 billion of debt, a purchase of the company would be a substantial deal.
Natura NATU3, +0.04% , which also sells cosmetics via a direct sales force, said in a statement that “there are no negotiations in progress concerning a possible acquisition of Avon.” It declined further comment.
An expanded version of this report appears on WSJ.com.
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