Henkel says looking at M&A, no comment on Nestle-Boersen-Zeitung

FRANKFURT (Reuters) - German consumer goods group Henkel is scanning the market for takeovers, its chief financial officer told a paper, declining to say whether it was looking at Nestle's skin health unit that was put up for sale earlier this week. 'We continue to see acquisition potential,' Carsten Knobel told Boersen-Zeitung in an interview published on Saturday. 'We have defined, and implemented, M&A as an integral part of our strategy in our current strategy cycle.' Nestle said on Thursday it was exploring strategic options for Nestle Skin Health, which makes Cetaphil and Proactiv skin care brands, with analysts estimating its value at up to 8 billion Swiss francs ($8.4 billion)

Reuters September 23, 2018 00:05:13 IST
Henkel says looking at M&A, no comment on Nestle-Boersen-Zeitung

Henkel says looking at MA no comment on NestleBoersenZeitung

FRANKFURT (Reuters) - German consumer goods group Henkel is scanning the market for takeovers, its chief financial officer told a paper, declining to say whether it was looking at Nestle's skin health unit that was put up for sale earlier this week.

"We continue to see acquisition potential," Carsten Knobel told Boersen-Zeitung in an interview published on Saturday. "We have defined, and implemented, M&A as an integral part of our strategy in our current strategy cycle."

Nestle said on Thursday it was exploring strategic options for Nestle Skin Health, which makes Cetaphil and Proactiv skin care brands, with analysts estimating its value at up to 8 billion Swiss francs ($8.4 billion).

"I do not want to comment on that," Knobel said when asked whether Henkel was looking at the division.

Henkel's M&A activity has been muted so far this year after the group spent close to 2 billion euros ($2.4 billion) on takeovers in 2017, something Knobel blamed on high valuations.

"Prices are not cheap, but that's not the only decisive factor. For us it is key whether the target is available, whether there is a strategic fit and whether it is financially attractive. If so, we'll acquire."

($1 = 0.9584 Swiss francs)

($1 = 0.8511 euros)

(Reporting by Christoph Steitz; Editing by Mark Heinrich)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.