P&G-Sara Lee Deal May Face EU Probe
NEW YORK (
) -- The UK's competition overseer has requested that the European Commission investigate the UK aspects of consumer goods behemoth
P&G's
(PG) - Get Report
plan to acquire
Sara Lee's
(SLE)
air care business.
The Office of Fair Trading says that it makes sense for the European Commission to take on a single investigation of the proposed P&G-Sara Lee deal, given that it qualifies for investigation by many European Union states, potentially including the UK.
In December, P&G said
it would buy Sara Lee's Ambi Pur air freshener brand
for euro 320 million, or $470 million, and that it expected the deal to close in its fiscal year ending June 30, 2010. P&G said the acquisition would strengthen P&G's global leadership in home care and, specifically, air care.
P&G stock is up 0.5% at $63.90 in Wednesday trading, while Sara Lee is flat at $14.
-- Reported by Andrea Tse in New York
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>> P&G Drops $470M for a Sara Lee Brand
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