Natura is said to have secured financing from at least three banks in order to back its potential bid of Avon Products, according to a report by Bloomberg.
The Brazilian beauty giant confirmed in March that it was conducting talks with Avon Products, with Banco Santander SA, Itau Unibanco Holding SA and Banco Bradesco SA having allegedly agreed to fund the acquisition, according to sources that wish to remain anonymous.
According to the paper, Citigroup is also in the mix to help finance the purchase. Financial terms are not yet said to have been determined due to Natura yet to cement its acquisition plan.
The banks associated with the possible financing have either declined to or were unavailable for comment.