Beiersdorf Dodges P&G: Tchibo Group Assumes Majority Stake
This article was originally published in The Rose Sheet
Executive Summary
A group of Hamburg, Germany investors led by Tchibo Group will purchase insurer Allianz' 40% stake in Beiersdorf, preserving German control of the Nivea marketer. Announced Oct. 23, the deal makes it less likely Procter & Gamble will make a bid for the firm
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Beiersdorf
Shares acquired in buy back offer initiated Dec. 23 may be used to make "select strategic acquisitions," German personal care company says. Firm will offer all stockholders $143.50 per share (€1=$1.26), a 20% premium over average closing price over the last 10 trading days before the offer was announced. Offer, which will amount to up to 10% of firm's nominal share capital, will expire Jan. 23. Announced Oct. 23, the 10% share buy back is part of a $5.2 bil. deal that gives majority ownership in the firm to several Hamburg-based investors, led by Tchibo Group (1"The Rose Sheet" Oct. 27, 2003, p. 4). To gain control of Beiersdorf, which had been eyed by Procter & Gamble, the investors purchased German insurer Allianz' 40% stake in the company, in addition to planning the 10% share buy back. Including Tchibo's exisiting 30% share, the group will have a 80% stake in Beiersdorf...
Beiersdorf
Shares acquired in buy back offer initiated Dec. 23 may be used to make "select strategic acquisitions," German personal care company says. Firm will offer all stockholders $143.50 per share (€1=$1.26), a 20% premium over average closing price over the last 10 trading days before the offer was announced. Offer, which will amount to up to 10% of firm's nominal share capital, will expire Jan. 23. Announced Oct. 23, the 10% share buy back is part of a $5.2 bil. deal that gives majority ownership in the firm to several Hamburg-based investors, led by Tchibo Group (1"The Rose Sheet" Oct. 27, 2003, p. 4). To gain control of Beiersdorf, which had been eyed by Procter & Gamble, the investors purchased German insurer Allianz' 40% stake in the company, in addition to planning the 10% share buy back. Including Tchibo's exisiting 30% share, the group will have a 80% stake in Beiersdorf...
Beiersdorf financials
Sales of the Nivea and Labello brands, which grew 5.3% and 6.4%, respectively, drove Cosmed division revenue up 3.9% to $2.7 bil., when adjusted for currency for the nine months ended Sept. 30, firm reports Nov. 11. Sales dropped 1.5% on a nominal basis, however. Medical sales declined 4.4% on a nominal basis to $743.2 mil. but rose 2.4% after currency adjustments, benefiting from Eucerin, which grew 11.6%. In the Americas, sales plummeted 17.6% to $586.4 mil. on a nominal basis due to negative currency effects, according to Beiersdorf. Worldwide sales grew 3.8% to $4 bil. when adjusted for currency effects but declined 1.8% on a nominal basis. Profit after tax was $276.5 mil., up 4.7%. Sales in 2004 are anticipated to grow 7% under Beiersdorf's new management structure, announced in July. Majority stake in the company was recently acquired by a group of German investors led by shareholder Tchibo Group (1"The Rose Sheet" Oct. 27, 2003, p. 4)...