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May 29, 2003
By: TOM BRANNA
Editor
Procter & Gamble said on Thursday it had received acceptances for around 10% of Wella’s stock, giving it control of just over 60% of the German hair care firm’s total share capital.P&G said in a statement it had received tenders for 11.42% of ordinary shares, according to preliminary results after the close of its offer period on Wednesday, as well as 6.21% of the firm’s widely traded preference stock.Having agreed to buy 77.6% of ordinary shares from the descendants of Wella’s founder in March, P&G had already secured more than three quarters of the votes needed to control the firm, but only 50.7% of the share capital. The Cincinnati-based firm needs 95% of total share capital in order to complete a full takeover of Wella.
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