Duesseldorf, Germany-based Henkel said Procter & Gamble’s offer for rival German consumer goods group Wella was not acceptable in its current form and it was too early to say what it would do with its 7% stake.“Naturally Procter & Gamble’s offer for Wella’s preference shares in not acceptable,” Henkel chief executive Ulrich Lehner said in a speech at the group’s annual shareholders meeting. Mr. Lehner said a complex takeover process would become much...