Avon Products, Inc. has confirmed today that it is in advanced discussions with Natura & Co. regarding a potential all-stock transaction.

Avon states in a press release, “There can be no assurance any transaction will result from these discussions.” The company will not be making additional comments unless an agreement is reached. 

Natura & Co. issued a public filing back in March saying it has “engaged in discussions with Avon Products Inc. concerning a potential transaction involving both companies”

The Financial Times reports that the proposed deal values Avon at $2 billion.

Natura & Co. is based in Brazil, and owns the Body Shop — the company ranks at #18 on our list of Top Global Beauty Companies — see Natura & Co.’s profile.

Photo: Natura & Co.’s NaturaBrasil launched a collection of gender-neutral fine fragrances last year, made with organic alcohol and packaged in recycled packaging.