Brazil’s antitrust regulator, CADE, approved the acquisition of Avon by personal care manufacturer Natura, the Brazilian company said in a securities presentation on Wednesday.
Natura said the merger had been approved without restrictions.
The company expects to complete the acquisition of Avon in the first quarter of 2020.
Brazil’s Natura reached an agreement at the end of May to buy its American rival through an exchange of shares, which will create the fourth largest cosmetics company in the world.
Under the terms of the agreement, Natura’s shareholders will have 76% of the company combined with annual revenues of more than US $10 billion.
Avon was thus evaluated at US $3.700 billion and the new holding at US $11 billion, the statement said.
The agreement would generate annual savings of between US $150 million to US $250 million, Natura added.