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Finance In Brief

This article was originally published in The Rose Sheet

Executive Summary

P&G tender offer results: Procter & Gamble owns 79.17% of the total registered share capital and about 84.9% of the value of the outstanding shares of Wella following the close of the second and final tender offer period, the company announces June 26. Ownership includes controlling interest secured through P&G's purchase agreement with majority owners. Approximately 9 mil. voting shares and 10.2 mil. preference shares were tendered, representing 20.5% and 43.5%, respectively, of each class of share, the firm says. Under German takeover law, P&G needed to acquire 95% acceptance in order to squeeze out remaining shareholders. The company says it will move ahead with plans to integrate the German hair care manufacturer following regulatory approval. Henkel, which had acquired 6.86% share capital in Wella prior to P&G's acquisition, tendered its stake...
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