Independent corporate finance advisers are dominating the latest acquisition by Procter & Gamble, the US household goods group, with the only bulge-bracket bank involved limited to giving a fairness opinion.

Procter & Gamble will acquire 77.6% of Wella, the German hair care products company, from the majority shareholders of Wella for €3.2bn ($3.4bn), valuing the total share capital of the German company at €5.4bn. Lazard and Rothschild are working for the family shareholders of Wella while Greenhill, the US M&A and restructuring boutique, is advising Wella, and Drueker, a German M&A boutique, is working for Procter & Gamble.