Beiersdorf Says Strong Alone, Eyes U.S. Buys

German consumer goods group Beiersdorf insisted on Wednesday that with growth targets intact it remains strong enough to go it alone, despite persistent takeover speculation surrounding the firm.

“We are clearly big enough to continue to grow more strongly than most of our competitors under our own steam,” chief executive Rolf Kunisch told shareholders at the maker of Nivea skin lotions’ annual meeting in Hamburg.

Sources familiar with the talks told Reuters last month that a tentative proposal by local rival Henkel to link up with Beiersdorf had been spurned by key shareholder Tchibo, which owns 30% of the Hamburg-based firm. Allianz, which holds 44% of Beiersdorf, has said that it would sell its holding at the right price. But the maker of global brands such as Nivea and Elastoplast turned the tables on Wednesday, saying that it too was looking at making takeovers of its own.

“We are also interested in acquisitions, particularly in the USA,” Mr. Kunisch said, “Beiersdorf Inc. USA is already our largest business after Germany and with $300 million in annual sales there we already have a very considerable presence. But the U.S. is so big that an even bigger chunk would be helpful.”

However, Tchibo is seen holding the trump card in any deal after it also thwarted takeover moves last year by U.S. consumer goods giant, Procter & Gamble, which then turned its sights on hair care specialist Wella. Tchibo, owned by the Hamburg-based Herz family, has long wanted to gain a majority in Beiersdorf by buying part of Allianz’s stake and floating the rest on the market.