Berlin, June 21: German detergent maker Henkel has agreed to sell its 6.86 per cent stake in hair-care products manufacturer Wella AG, which it bought in March, to the Procter & Gamble Co. Henkel announced its decision in a statement issued yesterday and the deadline for shareholders in Wella to accept an offer from Procter & Gamble. The Cincinnati-based consumer goods giant said on March 18, shortly after Henkel bought its share, that it had agreed to buy 77.6 per cent of the voting rights from Wella's majority shareholders.
Henkel did not give the value of the sale.
P&G has said it wants to own all Wella shares if possible, and German law required P&G to make a tender offer for the remaining shares as part of the acquisition process.
Bureau Report