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P&G/Wella

This article was originally published in The Rose Sheet

Executive Summary

Frankfurt court will hold hearing June 26 to assess case brought by hedge fund group Elliott Associates, a minority shareholder of Wella that is seeking to bring down Procter & Gamble's bid for the German company, a law firm for Elliott says. A ruling in favor of Elliott would find P&G's bid is prohibited according to German law, in which case "any and all contracts or legal acts carried out would be nullified," firm maintains. Directed to German regulatory authorities, Elliott's lawsuit maintains P&G's offering for Wella shares is too low. The group failed to get a preliminary injunction against P&G's bid last month. P&G's second tender period for accepting Wella shares ended June 20 (1"The Rose Sheet" June 2, 2003, p. 8)...

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