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October 14, 2003
By: TOM BRANNA
German coffee maker Tchibo Holding AG has team up with the city of Hamburg to try to gain control of Beiersdorf AG and pre-empt a possible bid from Procter & Gamble. Tchibo, which owns 30.1% of Beiersdorf, has offered to buy shares from Allianz AG, who owns a 43.6% stake.The interested groups said they are prepared to move ahead quickly and want to have a deal in place by year’s end.
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