Procter & Gamble rose in late trading on Friday after Reuters reported that the world's largest consumer-products company was exploring a sale of its Wella hair-care business.
The shares rose as high as $90.90 in late trading on Friday, which was shortened on the day after the Thanksgiving holiday. As of 3:46 p.m., they had pared the gains to $90.58. Cincinnati-based P&G has climbed 11 per cent this year, including a 1.7 per cent gain during regular trading.
A potential sale of the Wella unit, which P&G is working with Goldman Sachs Group Inc. on, may be worth around $7 billion, Reuters reported on Friday. Wella includes a professional business in addition to consumer products.
Paul Fox, a spokesman, declined to comment.
P&G announced a plan in August to divest 80 to 100 product lines, accounting for about 10 per cent of its revenue, and already has sold its pet-food businesses to Mars Inc. and Spectrum Brands Holdings Inc. The company earlier this month said it would sell the Duracell battery brand to Berkshire Hathaway Inc. for $4.7 billion in stock.
News by Bloomberg, edited by ESM
