Davis Polk is advising Natura Cosméticos S.A. in connection with the proposed acquisition of The Body Shop group. Following an extensive review of the strategic options for The Body Shop to ensure its best future development, L’Oréal has entered into exclusive discussions with Natura, based on its firm offer to acquire The Body Shop for an enterprise value of €1.0 billion.

Acquired by L’Oréal in 2006, The Body Shop is an iconic British brand, focusing on innovative, nature-inspired products. Present in more than 60 countries around the world, it generated retail sales of around €1.5 billion and net sales of €921 million in 2016 through various distribution channels including more than 3,000 point of sales and e-commerce.

Founded in 1969, Natura is a Brazilian multinational cosmetics manufacturer, recognized for its commitment to sustainable development. A leader in the direct sales sector in Brazil, Natura had net revenue of R$7.9 billion (€2.17 billion) in 2016.

The Davis Polk corporate team includes partners Jacques Naquet-Radiguet, Will Pearce and Manuel Garciadiaz, counsel Juliette Loget, European counsel Simon J. Little and associates Stéphane Daniel, Abeba Negga and Joseph Scrace. The tax team includes partner Jonathan Cooklin and associate Dominic Foulkes. Members of the Davis Polk team are based in the Paris, London and São Paulo offices.

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