Beiersdorf Has $2.24 Billion War Chest

Nivea maker Beiersdorf could muster a war chest of around two billion euros ($2.24 billion) for acquisitions without raising capital, chief executive Rolf Kunisch said Sunday to newspaper Frankfurter Allgemeine Zeitung, according to a Reuters report.

He confirmed the company focused its hunt on consumer brands in the U.S., but declined to give details. Mr. Kunisch once again called on Beiersdorf’s main shareholders, insurer Allianz and private retail group Tchibo, to end the uncertainty over the company’s ownership.

Allianz has said it is ready to offload its 44% stake at the right price, and a number of global consumer goods giants, including Procter & Gamble, have shown interest, banking sources say. Tchibo, with a 30% stake, is itself keen to win control of Beiersdorf and replace Allianz as the main shareholder but the two groups have so far been unable to reach a deal.

Mr. Kunisch said he hoped the ownership deadlock would be resolved before he is due to step down as chief executive in mid-2004. He said he did not know if he would stay for another term at the Hamburg, Germany-based company.