“Advanced discussions” are in the works between Natura Cosmeticos SA and Avon Products Inc., according to a statement issued by Natura. The statement was in direct response to a report published Wednesday by The Financial Times that said the company was seeking about 76 percent ownership of Avon, while the remainder would be owned by Avon shareholders. The all-stock deal would value Avon at more than $2 billion.

Citing “people with direct knowledge of the negotiations,” The Financial Times added that the proposed deal has been in the works for several months. Through the sale, Natura Cosmeticos, which owns The Body Shop, Natura and Aesop, will be able to further its international expansion plans, particularly in Asia, Europe and Latin America.

The Natura statement added that “the company will keep its shareholders, and the market in general, up to date with respect to any material facts relating to the matter and does not intend to comment on market rumors on the timing expected for an announcement of a potential transaction with Avon.”