From this analyst's perspective, any shareholders who own $2 billion worth of a company should feel free to question the business policies and core competencies of the leadership of a publicly traded company. It's a great chance for PG's CEO and board to show what they're made of and not blow the challenge off as "...an unnecessary distraction." In the world of business consulting, this showdown would be considered excellent grist for the mill. It could raise reasonable questions such as, "Does P&G have divisions and segments that could be spun off as profitable companies, thus rewarding existing shareholders with an immediate booster to PG's share price?" When the company reports earnings and gives guidance on Friday, I anticipate a raft of announcements and the possibility of some insights into efforts to restructure the global giant whose product line sounds like a Hall of Fame of legendary brand names. Let's begin with the less-famous "trophies" such as last year's European acquisition of Arbora & Ausonia, which makes diapers, Tampax tampons and adult incontinence products. This Spain- and Portugal-based company alone has sales of more than 500 million euros ($665 million) in Spain and 100 million euros in Portugal. PG operates in five divisions: Beauty, Grooming, Health Care, Fabric Care and Home Care, and Baby Care and Family Care. The Beauty division provides antiperspirants, deodorants, cosmetics, hair care products, hair colors, personal cleansings, prestige products, professional salon products, and skin care products primarily under the Head & Shoulders, Olay, Pantene, SK-II and Wella brand names. The Grooming division offers razors and blades, electronic hair removal devices, hair care appliances, and shaving products primarily under the Braun, Fusion, Gillette and Mach3 brand names. Every time I shave with my Gillette Fusion razor I realize what a quality product PG offers. The Health Care division provides feminine care, gastrointestinal, incontinence, rapid diagnostics, respiratory, toothbrush, toothpaste, oral care, and other personal health care products, as well as vitamins/minerals/supplements primarily under the Always, Crest, Oral-B and Vicks brand names. The Fabric Care and Home Care division offers bleach and laundry additives, air care products, batteries, dish care items, fabric enhancers, laundry detergents, pet care products, and surface care products mostly under the Ace, Ariel, Dawn, Downy, Duracell, Febreze, Gain, Iams and Tide brand names.