Beiersdorf shareholders deny P&G rumours
Herz family says it is in it ‘for the long term’
A member of the Herz family, majority shareholders in the German Nivea producer Beiersdorf, has denied any intention to sell off any part of the company to Procter & Gamble. A rumour circulating on the Frankfurt exchange boosted the company's share price earlier, leading to the clear denial. Shares gained around 2.9% on the market speculation.
Later, a company source said there had been no contact between the investor controlling the majority stake in Beiersdorf and the US group.
The family manages its 50.46% shareholding through the Maxingvest investment group. A spokesman for Maxingvest said the investment in the Nivea company was "for the long term".
Several Frankfurt exchange traders appear to have encouraged the speculation following decisive moves by Beiersdorf management to streamline its operation, selling off non-profitable brands and boosting investment in critical areas of the business in order to retain or increase market share.