L'Oreal enters 'exclusive' talks to sell The Body Shop

L'Oreal has entered into "exclusive" talks to sell The Body Shop to Brazilian cosmetics manufacturer Natura Cosmeticos in a deal which could be worth €1bn.

The French cosmetics giant said today that it had received a "firm" offer from Natura to acquire its Body Shop business and that the proposed transaction valued the iconic British beauty firm at an enterprise value of €1bn.