• News

Wella deal a coup for Procter

An unusual number of independent advisers worked on the transaction

When Procter & Gamble, the US household goods group, persuaded the majority shareholders of Wella to sell their shares for €3.2bn ($3.4bn), it marked the end of a long courtship.

For years the US company had harboured ambitions to boost its European professional hair care business, and Wella seemed like the perfect solution.

However, the family...