Procter & Gamble is to buy German haircare product maker Wella for 5.4bn euros.

P&G which makes Crest toothpaste, Pringle snacks and Pampers nappies said it expected Wella to contribute about 3.4bn euros to its overall beauty sales.

P&G's boss Alan Lafley said Wella's hair salon products in Europe would be a good match with its own retail haircare brands Clairol, Pantene and Head & Shoulders.

Lafley added: “By bringing these complementary businesses together, we create significant opportunities for top and bottom line growth in haircare.”