Byline: Andrew Bulkeley in Berlin
Having convinced the German owners of Wella AG that a sale of their majority stake in the German maker of professional haircare products was a good idea, Procter & Gamble Co. must now persuade Wella's reluctant executives.
On March 18, Wella announced it would spend [Euro]6.5 billion ($6.9 billion) in cash and assumed debt to buy the Stroher family's majority stake as well as all outstanding shares in the Darmstadt, Germany-based company. The purchase gives Cincinnati-based P&G 22% of the $10 billion market for products used in salons and a stable European footing.
Wella's board wasn't involved in the months-long …