Wella in $5.8 billion sales pact

Tuesday, March 18, 2003 | 9:56 a.m.

FRANKFURT, Germany -- Consumer products giant Procter & Gamble said today it will buy Germany's Wella AG for $5.8 billion, adding a fast-growing professional hair care business that boosts its presence in Europe.

The maker of Crest toothpaste, Pampers diapers and Pringles chips said it would pay 3.4 billion euros ($3.6 billion) in cash to the family shareholders in Wella for 77.6 percent of the voting shares, ending weeks of speculation about a takeover.

Cincinnati-based P&G said an offer to buy out other stockholders would bring its share purchase to 5.4 billion euros ($5.8 billion). It would also assume Wella's debt of 1.1 billion euros ($1.2 billion).

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