Breaking News

Procter & Gamble

November 14, 2005

Procter & Gamble, Cincinnati, is seeking acquisitions but does not want to fuel growth via hostile takeovers, according to comments from Alan Lafley, P&G’s chief executive officer. Mr. Lafley declined to comment on whether the company would be interested in acquiring German consumer goods firm Beiersdorf, the maker of Nivea skin products. German insurer Allianz AG is currently looking to sell its 44% stake in Beiersdorf.
“I cannot comment on Beiersdorf, but I will remind you that acquisitions are part of our growth strategy,” Mr. Lafley pointed out. “But they must be strategic, and they must fit culturally. We are not an unfriendly takeover company, and we are very patient.”
Last month, Beiersdorf shares surged following talk that Anglo-Dutch company Unilever was on the verge of making a bid. Under Germany’s takeover law, a buyer would have to make an offer for the entire company. P&G has long been a rumored potential buyer and entered into talks last year with Allianz about the Beiersdorf stake. However, they could not agree on price, and P&G was unable to convince Tchibo, which holds 30% of Beiersdorf, to sell.
In March, P&G bought German health care group Wella in a deal worth €6.5 billion; P&G had been eyeing Wella since the 1980s, Mr. Lafley said.
“The way we think about things is much more long-term,” he said. “We think in terms of 100 years and not quarters. We’re thinking about a beauty and personal care business which will be a leader in 2025 or 2050.” In the meantime, there is “plenty of room” in the market for both L’Oréal and P&G, Mr. Lafley said.
  • Skin of Color Society Connects Experts

    Skin of Color Society Connects Experts

    Melissa Meisel, Associate Editor||January 16, 2017
    Dermatologists from across the nation share information and ideas.

  • Erasa

    Erasa's New Evangelist(a)

    January 9, 2017
    Impressed by the performance of its hero SKU, supermodel Linda Evangelista joins the company in a hand's on role.

  • Discourse on Disclosure

    Discourse on Disclosure

    Tom Branna, Editorial Director||January 6, 2017
    Transparency impacts the cleaning industry.

  • Hitting the Right Notes

    Hitting the Right Notes

    January 6, 2017
    Agilex Fragrances is the leader in the middle market fragrance category.

  • The Smell of Clean in 2017

    The Smell of Clean in 2017

    January 6, 2017
    Changing consumer lifestyles and demographics are impacting the scents found in the household cleaning category.

  • On the Edge

    On the Edge

    January 6, 2017
    Expanding beauty brands to watch in 2017