Frankfurt court refuses to make preliminary ruling in Wella row

The Higher Regional Court in Frankfurt has declined to make a preliminary ruling in the high-profile Wella case.
US hedge fund Elliot Associates, represented by Dechert’s fledgling Frankfurt office, is contesting financial regulator BaFin’s decision on the share price in Procter & Gamble’s Wella takeover.
Elliot Associates, which holds non-voting preference shares, claims that it has illegally been awarded significantly less money per share than the Wella family, which owns most of the voting shares in the company.
The court declined to deal with the issue at a preliminary stage and said it will make a final decision in the principal proceedings. Dechert may also bring a case before the German Constitutional Court and the European