As negotiations for Proctor & Gamble’s beauty assets reached their final stages last week, Henkel was widely reported to be competing for the FMCG giant’s hair care business. However, CEO, Kaspar Rorsted has downplayed reports that the German personal care manufacturer is in the running.

“We don’t have to have big, multi-billion-euro acquisitions to reach our goals,” he told German newspaper Welt am Sonntag at the weekend. “We’re well positioned and we invest in our locations, brands and in innovation as well as in takeovers if they make a good strategic fit and if the price is right.”

Private equity group KKR is also said to have entered a bid for P&G’s hair care unit, which includes the Wella and Clairol brands and is valued at up to US$7 billion.