P&G To Take Over Wella
Procter & Gamble Co. has announced it has boosted its stake in Wella AG and plans to fully take over the German hair care company. P&G said it now holds more than 95% of Wella’s shares. A company spokesman declined to disclose financial terms of its acquisition. Procter & Gamble acquired a controlling interest in Wella in 2003 for roughly $3.42 billion; it also purchased shares secured through a tender offer for $1.67 billion, giving the company about 81% percent of Wella’s outstanding shares at that time.
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