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.”
This story first appeared in the September 30, 2010 issue of WWD. Subscribe Today.
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.