Bulging boutiques

18 March 2003 By Rob Cox Follow @rob1cox

What gives? Drueker, Greenhill, Lazard and Rothschild snatched the lion’s share of the biggest European consumer deal. The bulge bracket calls it an anomaly. The boutiques say it’s a permanent shift. They are probably both wrong.

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Procter & Gamble said it agreed to acquire the 77.6% of Wella held by descendants of the founder of the German haircare products maker. P&G will also bid for the rest of Wella's ordinary and preference shares, offering a total of E5.4bn in cash. It will also assume E1.1bn of Wella's debt.

P&G is offering E92.25 for each common share, or about E4bn in total; and E61.5 a preference share, for a total of E1.4bn.

The US consumer products group said expects to extract synergy benefits of E300m by the third year.

Wella has a 22% share of the global market for salon hai care products sales. In addition, the company markets perfumes and fragrances under a handful of brand names, including Gucci, Escada and Rochas.

Wella was advised by Greenhill. The families were advised by Lazard and Rothschild. Drueker & Co. advised P&G.

To read our view on the Wella/P&G deal <a href="ve.asp?lid=1&sid=5949">click here</a>

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