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Article: Hair Care's New No. 1: P&G Leaps to Top Rank With Plan to Buy Wella.(Procter & Gamble Co. bids $6.9 billion to acquire Wella AG)
- Article from:
- WWD
- Article date:
- March 19, 2003
- Author:
CopyrightCOPYRIGHT 2003 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Andrea M.G. Nagel and Vicki M. Young with contributions from Jennifer Weil, Paris, and Melissa Drier, Germany NEW YORK - It's now a two-horse race in the beauty world.
With a proposed $6.9 billion megadeal for Wella, Procter & Gamble is poised to pass longtime rival L'Oreal, to become the biggest player in the hair care category, an achievement that no doubt cuts deeply into the French beauty company's pride.
Cincinnati-based P&G Tuesday announced it had inked a deal to take control of German firm Wella AG for a deal including $3.4 billion in cash. The purchase, which had been expected for the last month, involves P&G buying out the stake held by ...