CINCINNATI – Procter & Gamble Co. (PG) said Friday that U.S. regulators cleared its proposed $57 billion acquisition of the razor and battery maker Gillette Co. (G) provided that it sell the Right Guard (search) and Rembrandt brands and said it plans to complete the purchase on Saturday.
As part of getting clearance from the Federal Trade Commission (search), P&G said it agreed to sell Gillette's Right Guard deodorant and the Rembrandt line of toothpaste and oral care products. P&G also said it would offer to sell Gillette deodorant brands Soft & Dri and Dry Idea to the Right Guard buyer.
P&G said it would start divesting the Gillette brands in the October-December quarter.
European antitrust regulators previously required P&G to sell SpinBrush (search), a battery powered toothbrush, before they approved the deal.
Shareholders of both companies in July overwhelmingly approved the acquisition that will form the world's largest consumer products company, with such brands as P&G's Tide detergent, Crest toothpaste and Pampers diapers and Gillette's line of Mach 3 and Fusion razors and Duracell batteries.
The addition of Boston-based Gillette will broaden P&G's lineup to 22 brands with over a billion dollars in sales, said A.G. Lafley, P&G chairman, president, and chief executive.
P&G shares fell 26 cents to $57.88 on the New York Stock Exchange, while Gillette shares rose 19 cents to $56..40.