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Wella

This article was originally published in The Rose Sheet

Executive Summary

Minority shareholder group is seeking an audience with Wella's Supervisory Board to address its request for an additional resolution proposing appointment at the May 13 annual general meeting of special representative to seek damages from Procter & Gamble. Representatives for the shareholders claim that Wella has thus far declined to address the resolution request. The group, which claims P&G's acquisition of Wella and subsequent licensing agreement for Wella consumer products violated German takeover law, also proposes a resolution barring P&G from voting at the meeting. P&G asserts the efforts of the shareholders are aimed at securing a higher buyout price for their stock, and maintains the acquisition complied with German laws. The U.S. consumer products giant purchased Wella last year for $5 bil., offering shareholders €65 for preference shares and €92.25 for voting stock. The minority group holds 20% of Wella shares...

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