P&G gets regulatory clearance to complete Gillette purchase

Friday, September 30th 2005, 8:04 am

By: News On 6

CINCINNATI (AP) _ Procter & Gamble Co. said Friday that U.S. regulators cleared its proposed $57 billion acquisition of the razor and battery maker Gillette Co. provided that it sell the Right Guard and Rembrandt brands and said it plans to complete the purchase on Saturday.

As part of getting regulatory clearance from the Federal Trade Commission, P&G said it agreed to sell Gillette's Right Guard deodorant and the Rembrandt line of toothpaste and oral care products. P&G also said it would offer to sell Gillette deodorant brands Soft & Dri and Dry Idea to the Right Guard buyer.

P&G said it would start divesting the Gillette brands in the October-December quarter.

The company, which said it would buy Gillette in January, received clearance from European regulators and shareholder approval in July.

The acquisition is expected to become effective Saturday, the company said.