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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P&G merger
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...
P&G/Gillette management
Gillette Global Oral Care President Bruce Cleverly, who headed Gillette's Oral-B line, will assume the post of president of global oral care following the completion of Procter & Gamble's acquisition of Gillette, P&G announces July 19. The $57 bil. merger was approved by the European Commission July 15 and is on track to close in the fall (1"The Tan Sheet" July 18, 2005, In Brief). Other management changes following the deal's completion include the appointment of Charlie Pierce to president, P&G Oral Care. Pierce currently serves as president of P&G Global Oral Care. Additionally, Charles Bergh, P&G president on special assignment, will assume the position of president on special assignment - blades and razors. Mary Ann Pesce, president of Gillette global personal care, will be elected president - new business development...
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