Shareholders clear P&G and Gilette Merger
The proposal was overwhelmingly adopted with 96.5% votes cast in favor, which is the equivalent of 70.3% vote of the issued and outstanding shares.
13/07/05 Shareholders of The Procter & Gamble Company have approved combining two of the world's leading consumer products companies - P&G and The Gillette Company.
The proposal was overwhelmingly adopted with 96.5% votes cast in favor, which is the equivalent of 70.3% vote of the issued and outstanding shares. Chairman, President and Chief Executive A. G. Lafley said, "We're extremely pleased to see shareholders recognize the value in combining our two companies. 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." Announced Jan. 28, 2005, the transaction is valued at $57 billion (USD, based on closing NYSE stock prices on 1/27/05).
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.
