P&G shareholders okay Gillette buy

Manufacturing News, Source : TheManufacturer.com
Published : 12 Jul 2005 17:41

Procter & Gamble Co. shareholders have overwhelmingly approved buying the Gillette Co.

At a special shareholder meeting today, almost 97 percent of Procter & Gamble shareholders approved the $57 billion deal. This is the latest step toward the formation of the world's largest consumer products company and is the largest acquisition in the 167-year history of P&G, whose range of brands includes Crest, Tide and Head & Shoulders. Besides its line of razors, Boston-based Gillette makes Braun electric shavers, Oral-B toothbrushes and Duracell batteries.

"We have the opportunity to combine two of the world's leading consumer companies," said A.G. Lafley, P&G’s chairman, president and chief executive. "This is a great deal for P&G and shareholders alike."

Gillette shareholders are scheduled to vote later Tuesday in Wilmington, DE.

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