GERMANY: Tchibo Holding AG has teamed with the city of Hamburg to try to gain control of Beiersdorf AG, pre-empting a potential bid for Procter & Gamble, industry sources said. Tchibo, which owns 30.1% of Beiersdorf, and the city jointly offered to buy some or all of a 43.6% stake owned by Allianz AG, a German insurer, to cement local ownership of the company.
In a letter to Allianz executives, Dieter Ammer, chief executive officer, Tchibo, said the group would pay at least the average price of Beiersdorf during the past 12 months.
“Tchibo will meet with Allianz to make an offer for around 20%, and a consortium will make an offer for the rest,” said a spokesperson. Hamburg is prepared to contribute €1 billion or more to the bid. If the deal is worked out, it would complicate P&G’s efforts to acquire Beiersdorf, company executives said.