The Procter & Gamble Company (P&G) has announced that the European Commission has cleared the proposed merger with the Gillette Company, a maker of personal care appliances.
"The announcement from the European Commission is excellent news," said A.G. Lafley, P&G chairman, president, and CEO. "The EU clearance is a significant milestone as we work to combine two of the world's leading companies to benefit consumers, customers and shareholders." The announcement follows a recent vote by company shareholders of both companies in support of the merger.
As part of the regulatory review process, P&G announced plans to divest its SpinBrush(R) battery operated toothbrush business, sold mainly in the U.S., Canada, Europe, and Japan.
P&G has retained Merrill Lynch as an advisor and is in the process of soliciting bids.
The company expects the Gillette deal to close in the fall of 2005 once the merger has received clearances from other regulatory authorities, including the U.S. Federal Trade Commission.
to Daily News