Shares of Beiersdorf AG closed at 44.50 euros, or $60.63 at current exchange, up 4 percent, while Procter & Gamble Co. shares closed at $60.25, down 0.6 percent, after P&G chief executive officer Robert McDonald was quoted in a press report from Romania as saying that Beiersdorf’s Nivea is a “terrific global brand.” When asked if P&G is interested in making an acquisition, McDonald reportedly said, “The price and contract would have to be right.”
A P&G spokesman said in an e-mail that the firm does “not comment on rumor or speculation” adding that “large acquisitions are unlikely” and that deals that increase market reach “such as the one recently completed on Ambi Pur...are a much more likely scenario.” Beiersdorf executives could not be reached. If this sounds familiar, it is because P&G made an attempt to acquire the Hamburg-based personal care company seven years ago and was blocked. One Beiersdorf shareholder, the Alliance insurance group, sold its stake to another stockholder, the German coffee and retail chain Tchibo, making it the majority owner.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)