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Business

P&G Acquires German Hair Care Giant

U.S. consumer products maker Procter & Gamble Co. will take over Germany's Wella AG in a deal valued at €6.5 billion ($7.8 billion), news agencies reported. "The deal further expands P&G's beauty businesses across Eastern and Western Europe, and in Latin America," A.G. Lafley, P&G's chairman, president and chief executive, said. "Wella's strength in professional hair care complements P&G's strength in retail hair care." P&G will buy 77.6 percent of Wella from majority shareholders for €3.2 billion in cash. The U.S. hair care giant plans to make a tender offer for the remaining Wella shares, bringing to the total share purchase value to €5.4 billion. In addition, P&G will assume debt of €1.1 billion, bringing the total acquisition value to €6.5 billion.