Henkel Plans to Buy Dial

German detergent manufacturer Henkel plans to take over its U.S. competitor The Dial Corp. of Scottsdale, Ariz. for €2.9 billion ($3.5 billion) in cash. According to an agreement, Dial shareholders will receive $29 per share, according to Düsseldorf-based Henkel. Cartel regulators still have to approve the deal. Ulrich Lehner, the company’s CEO, said the takeover was an important step to globalize Henkel. In August, the company had announced plans to expand its business involvement in North America and Asia. Henkel has been looking to acquire other companies after a planned takeover of German haircare products company Wella fell through and Wella was bought by Cincinnati-based Procter & Gamble instead.