P&G Gillette buy cleared
This article was originally published in The Rose Sheet
Executive Summary
Federal Trade Commission approves Procter & Gamble's $57 bil. acquisition of Gillette, on the condition the companies "divest a variety of overlapping assets to ensure continued competition following the transaction," commission announces Sept. 30. Under an FTC consent agreement, P&G and Gillette will be required to divest Gillette's Rembrandt at-home teeth whitening business within three months and Right Guard men's antiperspirant/deodorant business within four months of the order becoming final, FTC notes, adding the commission must approve the buyers. FTC also requires that the firms maintain Rembrandt and Right Guard as viable competitive businesses until their sale. Additionally, P&G must amend its joint venture with Philips Oral Health Care regarding its Crest Sonicare IntelliClean System. P&G recently entered a definitive agreement to sell its U.S. SpinBrush toothbrush business to Church & Dwight to ensure FTC approval of the acquisition (1"The Rose Sheet" Sept. 19, 2005, p. 6). FTC will accept comments on the consent agreement until Oct. 29...
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