A spokeswoman says the gold-finished, bronze sculpture was found Tuesday morning outside a university, hanging from the neck of another sculpture of a horse, with a red ribbon.
The century-old statue was reported stolen last month from Bahlsen's Hannover offices.
A local newspaper then received a picture of someone dressed like Sesame Street's Cookie Monster character holding what appeared to be the stolen statue.
The Bahlsen company promised a reward of 52,000 packets of cookies for a charitable cause if their emblem turned up.
No arrests have been made in the giant cookie caper.
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