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October 23, 2003
By: TOM BRANNA
Editor
German financial group Allianz said Thursday it had agreed to sell a 40% stake in Beiersdorf AG to a consortium led by coffee company Tchibo.The sale, which would bring Allianz $5.2 billion, appears to ward off any potential bid from U.S. consumer products giant Procter & Gamble, whose chief executive recently described Beiersdorf as “very attractive.”Tchibo emerged as a favorite to gain control of Beiersdorf after Hamburg officials said they were in talks with local investors a...
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