Tchibo, the German retailer, has raised its stake in Beiersdorf, the maker of Nivea skin cream, to 49.6% in a €4.4bn ($5.1bn) deal which will put an end to speculation of a takeover bid from Procter & Gamble, the US detergents group.

The transaction gives Tchibo effective control of Beiersdorf without it having to launch an offer for the entire company. According to the terms of the deal, Allianz has sold its 44% stake to a consortium led by Tchibo.