P&G Gets Nod for Wella Acquisition

Procter & Gamble Co. has received antitrust clearance from the Federal Trade Commission for its acquisition of German hair products company Wella AG. The commission said Monday that it granted the companies early termination of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act.

Procter & Gamble agreed to acquire 78% of Wella’s voting shares on March 17 for about $7 billion. Regulatory approvals for the takeover are also needed from other countries in which Wella operates and the European Union. The approvals are expected to take months.

Coupled with P&G’s $4.9 billion purchase of Clairol in 2001, the acquisition of Wella would extend P&G’s market presence from shampoos and conditioners to hair coloring products and supplies for professional hair care salons.