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Allianz to Sell Beiersdorf Stake to Tchibo

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By: TOM BRANNA

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German financial group Allianz said Thursday it had agreed to sell a 40% stake in Beiersdorf AG to a consortium led by coffee company Tchibo.

The sale, which would bring Allianz $5.2 billion, appears to ward off any potential bid from U.S. consumer products giant Procter & Gamble, whose chief executive recently described Beiersdorf as “very attractive.”

Tchibo emerged as a favorite to gain control of Beiersdorf after Hamburg officials said they were in talks with local investors about a deal to keep the company based in the city.

Tchibo, which also is based in Hamburg, Germany, would increase its stake in Beiersdorf from 30.3% to 49.9%. The companies said that, of the 40% stake, 19.6% would go to Tchibo, 13% to two other partners, and 7.4% would be repurchased by Beiersdorf.

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