P&G, Gillette Merger Vote Delayed Until July May 26, 2005

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Procter & Gamble Co. and Gillette Co. moved the dates on which their respective shareholders will vote on their proposed merger to July from June, according to a regulatory filing.

The consumer goods giants will now hold their special shareholder meetings on July 12. Previously, shareholders of Cincinnati, OH, U.S. based P&G were to vote on June 13, while Boston, MA, U.S.-based Gillette's vote was scheduled for June 14.

Gillette spokesman Eric Kraus said the move was strictly procedural and was needed to comply with certain regulatory requirements regarding shareholder notification. Work and planning related to the merger and integration of the companies remains on schedule, Kraus said.

P&G said in a statement that the rescheduling won't change the overall timeline for closing the deal, which is slated for this fall.

P&G, whose brands range from Tide laundry detergent to Folgers coffee, struck a deal to acquire Gillette in January for about U.S. $57 billion. The merger with Gillette, whose brands include its namesake razors, as well as Duracell batteries and Oral-B dental products, will create a consumer goods company with more than $65 billion in annual sales. (MarketWatch)

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