P&G Shareholders approve merger

by FoodBusinessNews.net Staff
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CINCINNATI — Shareholders of The Procter & Gamble Co., makers of such food and beverage products as Folgers, Pringles and Millstone, approved combining P&G and The Gillette Co. on Tuesday.

"We’re extremely pleased to see shareholders recognize the value in combining our two companies," said A.G. Lafley, chairman, president and chief executive of P&G. "The combination will enable us to leverage each company’s strengths to drive more consistent and stronger consumer and shareholder value over the long term."

The transaction, originally announced in January, is valued at $57 billion. Gillette shareholders will receive .975 shares of P&G common stock for each share of Gillette common stock. P&G shareholders will continue to own their existing P&G shares.

Once the merger is completed, P&G shareholders will own approximately 71% of the combined company and Gillette shareholders will own approximately 29% of the combined company on a fully diluted basis. Shares of the company will trade on the New York Stock Exchange under the "PG" symbol.

A closing date will be established once the deal has received regulatory clearance from the European Union and the U.S. Federal Trade Commission.

P&G has a portfolio that includes many brands, including Pampers, Tide, Pantene, Bounty, Pringles, Folgers, Charmin and Downy, among others. The P&G community consists of almost 110,000 employees working in over 80 countries worldwide.

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