BERLIN — The city of Hamburg has sold its 10 percent stake in Beiersdorf.
Deutsche Bank AG on Wednesday started selling the city’s shares in the German cosmetics giant, a holding that’s worth as much as 1.26 billion euros, or $1.6 billion at current exchange rates.
According to Deutsche Bank, up to 25.2 million shares were offered to institutional investors for between 48 euros and 50 euros, or $62.01 and $64.60, a share. The City of Hamburg took over the shares from Allianz AG in 2004.
Media reports suggest Beiersdorf may join Frankfurt’s DAX or the German share index after the sale, which, if complete, would boost Beiersdorf’s free-float to about 32 percent, a company spokeswoman noted. However, she added, other factors aside from the increase in free-floating shares would determine the timing of Beiersdorf’s DAX entry.
By late Wednesday, the finance senator for the City of Hamburg, Michael Freytag, reported that the transaction had been successful and that all the shares had been sold. According to Freytag, the shares were sold for 48 euros, or $62.01. Beiersdorf shares closed down 4.09 percent at 47.81 euros, or $61.88, in Frankfurt on Wednesday.
— Melissa Drier
Sally Beauty Appoints CFO
NEW YORK — Sally Beauty Holdings Inc. has named David Rea senior vice president, chief financial officer and treasurer.
Rea, who reports to Gary Winterhalter, president and chief executive officer, oversees accounting, treasury, finance, tax, investor relations, risk management and loss prevention. Rea was most recently with La Quinta Corp., where he was president and chief operating officer from 2005 through early 2006. He’s also worked at Debartolo Realty Corp.
“David brings to Sally Beauty Holdings significant financial and operational leadership based on his extensive experience in multiunit businesses and public companies,” Winterhalter said in a statement. Sally Beauty, a retailer and distributor of professional beauty supplies, was spun off from Alberto-Culver Co. last year. Sally said it distributes to more than 3,100 stores and has revenues of more than $2 billion annually.— Michelle Edgar
Number Six at Sundance
NEW YORK — Lucky Number Six Fragrances, along with Cointreau, Krug Champagne and Electrolux, have partnered with Bon Appétit to create a pop-up Supper Club Jan. 20 to 23, during the Sundance Film Festival in Park City, Utah.
The event will feature Bon Appétit executive chef Cat Cora and celebrity chefs Giada De Laurentiis, host of the Food Network’s “Everyday Italian”; Michael Schulson, chef of Buddakan in New York, and David Walzog, chef of SW Steakhouse at the Wynn Las Vegas.
The space will host a number of Sundance celebratory events, such as New Line Cinema’s 40th anniversary and cast parties for several films.— Stephanie D. Smith