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Procter & Gamble snatches Wella. FRANKFURT, US consumer goods giant Procter & Gamble (P&G) announced it would take control of German hair-care firm Wella in a 6.5 billion euro (US$7.02bil) deal, giving it a boost against French arch-rival L'Oreal. P&G said it had reached agreement with the German group's family owners to buy their majority stake and would launch an offer to the remaining shareholders. A statement from P&G said it would offer 92.25 euros for each of Wella's 44.1 million ordinary shares and 61.5 euros for its 23.38 million non-voting preference shares, valuing the bid at 5.4 billion euros. P&G said it would also take on Wella's 1.1 billion euros of debt. Wella, the global number two after L'Oreal in professional hair-care business, would give P&G's strength in the retail segment a new gloss, the US company said. - Reuters
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