Gillette Takeover Cleared in Europe
Procter & Gamble must sell a power toothbrush unit.
Procter & Gamble's
(PG) - Get Procter & Gamble Company Report
$56 billion acquisition of
Gillette
Scroll to Continue
TheStreet Recommends
(G) - Get Genpact Limited Report
won the approval of European antitrust regulators Friday, with conditions.
Cincinnati-based P&G must sell its Spinbrush battery toothbrush operation as part of its agreement with the European Commission. The unit made up about $150 million of the company's $50 billion-plus in revenue last year. P&G hired Merrill Lynch to handle the divestiture.
In a statement, P&G said it expects the acquisition to close in the fall. The transaction was approved by shareholders of both companies earlier this week.
Procter & Gamble shares were recently down 12 cents to $54.63. Gillette traded up 15 cents to $52.78.
