Wella
This article was originally published in The Rose Sheet
Executive Summary
Domination and profit agreement with Procter & Gamble is approved at Wella's June 8 annual general meeting in Darmstadt, Germany, giving P&G full control of Wella. Agreement, announced April 26, became effective June 11 after registration with the German commercial register in Darmstadt. Firm will not revise its offer of €72.86 per share for remaining Wella shares, although certain minority shareholders have objected to the price and intend to take the matter to court in Germany CFO Clayt Daly maintained during the Deutsche Bank Global Consumer Conference in Paris June 10. In addition, motion by P&G to reduce the Wella dividend to €.06 for preference shares and €.04 for ordinary shares is approved at the AGM...
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