European Union OKs P&G; Wella Purchase

Procter & Gamble Co. won European approval to buy German hair-care products maker Wella for $7.2 billion after offering concessions to overcome antitrust hurdles.

P&G; pledged to license some brands, including Herbal Essences, for five years in Ireland, Norway and Sweden to get the clearance, the European Commission in Brussels said. Cincinnati-based P&G; has U.S. regulatory approval and expects to complete the deal in September.

P&G; shares rose 65 cents to $87.75 on the NYSE.