Beiersdorf shares rise on P&G bid speculation
FRANKFURT May 16 (Reuters) - Shares in Nivea-maker Beiersdorf rose on Thursday on market speculation that majority shareholder Maxingvest was selling half of its stake to U.S. rival Procter & Gamble, talk that was dismissed by a source close to the shareholder.
"We are not talking with anyone, we last spoke with P&G in 2003 and there's nothing in the rumour," the source close to Maxingvest said.
Traders said P&G was paying 98 euros ($130) per share for half of Maxingvest's 50.47 percent stake.
A spokesman for Maxingvest said it did not comment on market rumours. No one at Beiersdorf and P&G Germany were immediately available for comment.
P&G has made no secret of the fact that it finds Beiersdorf an interesting company and persistent bid speculation has helped keep the Beiersdorf share price high.
Beiersdorf shares were trading up 1.5 percent at 71 euros at 0809 GMT, off earlier highs of 72.17 euros as the rumour circulated.
- North Korea says Kim's powerful uncle dismissed for 'criminal acts'
- Thai PM calls snap election, protesters press on |
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'
- Singapore hit by rare outbreak of rioting, 27 arrested |
- Venezuela's Maduro to raise pressure on business after local vote