BaFin, the regulator that oversees implementation of the German takeover code, has defended its approval of Procter & Gamble's takeover offer for Wella, the German haircare company.

A BaFin spokeswoman said of the €5.4bn ($5.8bn) deal: "There was a lot of criticism yesterday at the Wella annual meeting, but we have checked the offer and it corresponds to the law."