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P&G/Gillette

This article was originally published in The Tan Sheet

Executive Summary

Merger is approved by the European Commission July 15, with the condition that P&G sell its battery-operated toothbrush business. Deal is slated to close this fall pending U.S. approval. Shareholders of both firms approved the merger in separate July 12 meetings. During the P&G meeting, CEO A.G. Lafley defended Gillette CEO Jim Kilts' planned compensation package and stated that Kilts will join the same bonus programs as other execs and receive a salary and options that are "the continuation of what he's receiving today at Gillette." Kilts' compensation has been scrutinized since the deal's January announcement, and is under investigation by the Massachusetts Secretary of the Commonwealth...

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