Company News

Tchibo Secures Future in Beiersdorf

Author Image

By: TOM BRANNA

Editor

Two members of the family that founded German coffee firm Tchibo, Guenter and Daniela Herz, have agreed to be bought out of the company for some 4 billion euros ($4.47 billion), industry sources said on Monday.

The sources said the deal, which could clarify the future of Tchibo’s 30% stake in Nivea-owner Beiersdorf AG was approved at a meeting of Tchibo shareholders. A dispute between Guenter and Daniela and their brothers Michael, Wolfgang and Joachim, had prevented Tchibo agreeing what to do with the stake in Beiersdorf, in which German insurer Allianz AG also has a 44% holding.

Allianz has been sounding out buyers for its shares, and has drawn interest from U.S. consumer goods group Procter & Gamble among others.

Keep Up With Our Content. Subscribe To Happi Newsletters