Updated from 10:38 a.m. EDT


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said Tuesday that its shareholders voted overwhelmingly to approve the company's acquisition by

Procter & Gamble

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More than 96% of Gillette's shareholders approved the transaction, which values the razor company at $52.6 billion. The vote clears the way for the companies to merge into what Warren Buffett has called "the greatest consumer products company in the world."

Buffett, whose

Berkshire Hathaway

is the single largest Gillette owner, stands to reap a total return on investment of roughly $4 billion in the deal. He called it a "dream deal."

Earlier Tuesday, P&G said 96.5% of shares voted at a special meeting were in favor of the deal.

Tuesday's approval is something of a rebuke for Massachusetts' Secretary of the Commonwealth William Galvin, who has publicly alleged that Gillette is being undervalued. Galvin subpoenaed

Goldman Sachs

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CEO Henry Paulson Jr. in June as part of a probe of the advice the firm gave to Gillette during its merger talks.

Shares of Gillette were recently up 38 cents, or 0.7%, to $52.01, while shares of P&G were up 38 cents, or 0.7%, to $54.28.