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P&G Discusses Acquisitions

November 14, 2005

l Procter & Gamble aims to meet up to one- quarter of its long-term target for sales growth through acquisitions, according to A.G. Lafley, president and executive of the U.S. consumer products group.
Mr. Lafley said acquisitions would add at least one percentage point to sales as part of its plan to boost turnover by 4-6%.
“We think about 2% is market growth, and we tried to be conservative. There is another 1-3% that we call organic growth, and that is internally-generated innovation,” Mr. Lafley said in a statement.
Boasting a war chest of $8-10 billion, the group plans to focus particularly on developing the beauty and health care sectors, where its sales now near $15 billion. “We are still a relatively small player in these fast-growing businesses,” Mr. Lafley admitted.
Asked about P&G’s interest in Wella, the German hair care company, Mr. Lafley declined to comment, but said: “I read that (German consumer products group) Henkel apparently made an offer, and it sounds like Wella said ‘no.’ We will have to see what they want to do.”
Beiersdorf, the German manufacturer of Nivea creams, is also a potential target for P&G. Its main shareholder, Allianz, could dispose of its stake in order to focus on its core insurance business.
However, Mr. Lafley denied that P&G had made an offer to Beiersdorf, which is valued at about $10.4 billion, according to the European press.
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