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Natura Cosmeticos

L’Oreal finalizes sale of The Body Shop

PARIS: French beauty products giant L'Oreal said on Tuesday it has a signed a contract to sell The Body Shop, which it has owned for over a decade, to Brazil's Natura Cosmeticos for one billion euros ($1.1 billion). L'Oreal said in a statement that it signed the contract after getting the nod of approval from its works council. Nevertheless, "the proposed sale is subject to clearance by anti-trust authorities notably in Brazil and in the United States, and expected to close during 2017," the statement added. The two…