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The Federal Trade Commission announced its approval Friday of Procter & Gamble Co.’s $57 billion purchase of Gillette Co., allowing the deal to proceed with a promise from the company to divest some assets, including the Right Guard brand. P&G previously announced it also would sell its SpinBrush battery-powered toothbrushes to Church & Dwight Co., a sale the European Commission had required in July as a condition for approving the acquisition. P&G also put Gillette’s Rembrandt brand of teeth whiteners up for sale. Right Guard, which is a Gillette product, generates about $150 million in annual revenue and could sell for 1.5 to 2 times revenue, or $225 million to $300 million, sources said. According to the FTC, the agency investigated lines of commerce where the companies were direct competitors, and it found the merger might harm competition in four: at-home teeth-whitening products, adult battery-powered toothbrushes, rechargeable toothbrushes and men’s antiperspirants/deodorants. “The terms of the commission’s consent order address the product overlaps between these two large companies by restoring competition that would be lost as a result of the merger,” said Susan Creighton, director of the FTC’s Bureau of Competition. The deal was decided by only two commissioners, as the five-person commission currently has one vacancy caused by the departure of Orson Swindle earlier this summer, and two commissioners were recused on the matter. Chairman Deborah Platt Majoras was recused because P&G was represented by lawyers from Jones Day, which is her former firm, and her husband remains an equity partner there. Commissioner Pamela Jones Harbour, an independent, was also recused. Copyright �2005 TDD, LLC. All rights reserved.

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