Following much post-weekend speculation [WAMN: 21-May-01], Procter & Gamble yesterday confirmed that it is to acquire Bristol-Myers Squibb’s haircare range Clairol.for $4.95 billion (£3.46bn)

The deal is sure to attract the attention of regulatory authorities, given P&G’s existing dominance in the haircare market. Commented ceo A G Lafley: “We’re obviously confident [of gaining approval] or we wouldn't have signed the deal.”

News source: Financial Times