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This article was originally published in The Rose Sheet

Executive Summary

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...

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