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P&G merger

This article was originally published in The Tan Sheet

Executive Summary

Procter & Gamble will sell its SpinBrush power toothbrush division to Church & Dwight as part of the regulatory approval process with the European Commission in the firm's $57 bil. merger with Gillette, P&G announced Sept. 14. The sale will cost Church & Dwight $75 mil. in cash at closing, plus an inventory settlement amount, and up to $30 mil. in cash based on near-term performance, the firm says. The sale, required by European regulators due to brand overlaps with Gillette's Oral-B line, is subject to approval by U.S. and European authorities and is expected to close in the fourth quarter 2005 ("1The Tan Sheet" July 18, 2005, In Brief). P&G is in "ongoing discussions with the FTC and expects this divestiture will move the Gillette merger one step closer to completion of the FTC clearance process," the firm reports...

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