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Tchibo and City of Hamburg

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By: TOM BRANNA

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GERMANY: Tchibo Holding AG has teamed with the city of Hamburg to try to gain control of Beiersdorf AG, pre-empting a potential bid for Procter & Gamble, industry sources said. Tchibo, which owns 30.1% of Beiersdorf, and the city jointly offered to buy some or all of a 43.6% stake owned by Allianz AG, a German insurer, to cement local ownership of the company. In a letter to Allianz executives, Dieter Ammer, chief executive officer, Tchibo, said the group would pay at least the average pri...

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