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P&G Buys Gillette

February 2, 2005

Consumer products giant Procter & Gamble will acquire 100% of The Gillette Company, the maker of Mach3 and Venus razors and blades, Oral-B toothcare products and Duracell CopperTop batteries. The transaction is valued at approximately $57 billion, making it the largest acquisition in P&G history. "This combination of two best-in-class consumer products companies, at a time when they are both operating from a position of strength, is a unique opportunity," said A.G. Lafley, chairman, P&G’s president and chief executive. "Gillette and P&G have similar cultures and complementary core strengths in branding, innovation, scale and go-to-market capabilities, making it a terrific fit.

Gillette’s chairman and CEO James Kilts will join P&G's Board of Directors and serve as P&G vice chairman.

The merger creates the largest consumer products company in the world, according to Warren Buffett, chairman and CEO of Berkshire Hathaway Inc., who intends to continue to purchase shares in the company.
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