Brazil’s Natura Cosmeticos SA said on Monday it was not in talks with cosmetics maker Avon Products Inc about a possible takeover of the London-based company.

The comments came after the Wall Street Journal reported that Natura has reached out to Avon for a potential takeover.

Shares of Avon, which has a market value of about $920 million, rose 21 percent in U.S. extended trading after the report citing people familiar with the matter.

“Natura Cosmeticos notifies that there are no talks underway about a possible Avon acquisition,” the major Brazilian cosmetics retailer said.

Avon Chief Executive Officer Jan Zijderveld has been trying to turn around the iconic cosmetics brand that has faced a number of issues, including declining sales and shareholder pressures.

Zijderveld shuffled the company’s management, appointing a new chief digital officer and three new general managers in its top markets.

Avon was not immediately available for comment.