Clairol buy
This article was originally published in The Rose Sheet
Executive Summary
P&G acquisition of hair care business from Bristol-Myers Squibb cleared by UK Office of Fair Trading after antitrust regulation office extended its decision deadline several weeks. U.S. Justice Department has yet to approve proposed deal, which also faces reviews in several other foreign markets. Clairol purchase for $4.95 bil. was announced in May; P&G believes deal will generate annual savings of $200 mil. by 2004 (1"The Rose Sheet" May 28, pp. 3-4)