Wednesday, March 12, 2003

Henkel buys stake in Wella

The Associated Press

BERLIN - Shares in Germany's Wella rose anew Tuesday on news that consumer-goods company Henkel had taken a 6.9 percent stake in the firm and a report that a takeover bid from Procter & Gamble is imminent.

Wella's stock has surged by more than 30 percent in the past three weeks on takeover speculation.

Shares in the Darmstadt-based hair-care products firm rose 3.45 percent to close at 76.50 euros ($84.33).

Both Wella and P&G declined to comment.

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