Germany's Beiersdorf takes stake in Chinese hair care firm
an employee of Beiersdorf is pictured controlling Nivea cremes, at a company's plant - Photo : Marcus Brandt/AFP
"The price was satisfactory for both sides and more importantly both companies will be able to complement each other's strength," a C-BONS company spokesperson told the Beijing News newspaper.
Beiersdorf, known for its Nivea brand, will pay 269.45 million euros (380 million dollars) for the stake in C-BONS Hair Care upon the closing of the deal expected before year end, a statement on the German company's website said.
British Virgin Islands-registered Global Source Investments will continue to hold a 15 percent stake in C-BONS Hair Care for at least two years after the deal is completed, according to Beiersdorf's statement.
But after that period Beiersdorf will have the option to acquire the 15 percent stake for a minimum price of 47.55 million euros, it said.
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