CINCINNATI -- The U.S. Department of Justice today approved Procter & Gamble's $4.95 billion acquisition of Bristol-Myers Squibb's Clairol hair and beauty care business.
The acquisition will add $1.6 billion in global beauty care sales annually and bring P&G into the hair-coloring market. "Clairol hair colorant and hair care brands and known and loved in the U.S. and in key markets around the world -- now consumer can look forward to even more innovative and broadly available products in the future," CEO/president, A.G. Lafley said in a statement.
P&G said it expects the deal to close within the next several weeks and that it's expected to add earnings in fiscal 2003. P&G also said that the acquisition is expected to cut fiscal 2002 earnings by 2 cents a share, though improvements in the rest of its businesses should negate the earnings decrease.