The Brazilian cosmetics company Natura says it's in talks with L'Oreal to buy The Body Shop.

Natura values the British beauty brand at $1.12 billion, and says the L'Oreal board is considering the offer. The Body Shop sells its products in 66 countries.

L'Oreal confirmed the talks.

Natura says the deal is subject to regulatory approval. If approved, it would close later this year.

L'Oreal has owned the 40-year-old Body Shop brand since 2006.