Procter & Gamble acquista Gillette per 57 miliardi
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Procter & Gamble acquista Gillette per 57 miliardi
Nasce il numero uno al mondo del largo consumo. Operazione da 57 miliardi di dollari. Tagli al personale di 6mila unità.
È la fusione nel secolo nel settore del largo consumo: Procter & Gamble ha siglato un accordo per acquistare il 100% di Gillette per un cifra vicina ai 57 miliardi di dollari. Secondo gli accordi P&G emetterà 0,975 azioni per ogni azione Gillette, rappresentando un premio del 18% per gli azionisti di Gillette in base ai prezzi rispetto ai prezzi di chiusura del 27 gennaio dei due titoli. P&G, alla luce dell'operazione, ha rivisto al rialzo i target annuali di crescita delle vendite da 4-6% a 5-7% e ha previsto la possibilità di tagli del personale di 6 mila unità.
Si verrà così a creare il primo gruppo al mondo nel settore dei cosmetici cosmetico e dei prodotti di largo consumo, superando Unilever. Al via dunque un gigante da oltre 60 miliardi di dollari di fatturato e con una gamma di prodotti che spaziano dai dai detersivi alle pile, dai rasoi ai prodotti di bellezza e per la cura della persona distribuiti con decine di marchi, alcuni tra i più noti al mondo.
L'inserimento di Gillette nel portafoglio di Procter&Gamble rafforza la strategia di espansione della multinazionale dell'Ohio nel campo della cosmesi e del «personal care». Nei mesi passati la multinazionale americana si è assicurata Clairol e Wella, nomi di spicco del comparto e, addesso, pone fine all'inseguimento di Gillette avviato cinque anni fa quando l'allora amministratore delegato di P&G, Durk Jager, avanzò una offerta (bocciata da Gillette) per accaparrarsi l'azienda di Boston e i suoi prodotti di punta. Già nel mirino di concorrenti come Colgate-Palmolive, Gillette va a rendere ancora più aggressiva la strategia di crescita di Procter&Gamble gratificata, nel corso degli ultimi due anni, da una crescita in Borsa del 32%, sufficiente a fare affluire nelle sue casse denaro fresco per portare a termine piani di fusioni e acquisizioni ad alto livello.
L'offerta valuta Gillette 28 volte l'utile 2005 ed è sostenuta da Warren Buffett, il finanziere-guru che controlla Berkshire Hathaway Inc. azionista al 9% della Gillette. Buffett dice in una nota che nella società post fusione alzerà la sua quota del 7% investendo 350 milioni di dollari. P&G ha proposto contestualmente un enorme buyback azionario e acquisterà tra 18 e 22 miliardi di dollari di azioni proprieentro 18 mesi. Il buyback farà sì che di fatto l'acquisizione diventa al 60% in azioni Gillette e per il resto in contanti.
28 gennaio 2004
http://www.ilsole24ore.com/fc?cmd=art&artId=613630&chId=30&artType=Articolo&back=0
P&G to Buy Gillette in $57 Billion Deal
By Seth SutelAssociated Press WriterFriday, January 28, 2005; 12:42 PM
NEW YORK -- Procter & Gamble Co., the leading U.S. maker of household products whose brands include Crest, Pampers, Tide and Charmin, is buying the razor and battery maker Gillette Co. for $57 billion in a deal that will create the world's biggest consumer-products enterprise, the companies announced Friday.
The merger, which must still be approved by regulators and shareholders, would create a company with revenues of more than $60 billion that would have even greater clout against mass-market retailers like Wal-Mart Stores Inc., which have been pressuring consumer product suppliers to keep costs low.
Executives from both companies made their case for the merger in a presentation Friday to Wall Street analysts, saying the combination would bring together the marketing and distribution strengths of P&G, whose products are marketed largely to women, together with Gillette's high-profit brands like razors, which are marketed to mainly men.
As part of the cost-cutting that would follow the deal, executives said the merger would result in the elimination of about 6,000 jobs, or 4 percent of the combined work force of about 140,000.
"We believe we can bring these companies together and create a juggernaut," Gillette Chief Executive James M. Kilts said at the presentation. Kilts will become vice chairman of P&G and join its board.
Kilts, who has agreed to stay on for at least a year to lead the integration of the two companies, said the combination would provide Gillette with opportunities to sell their products in developing markets including China and East Europe.
"I'm a great believer in scale," Kilts said. He said he would rather lead a consolidation in consumer products makers than "get stuck with the leftovers."
The deal would add Gillette's Duracell battery, Right Guard deodorant and line of razors to P&G's collection of more than 300 consumer brands, which include Head and Shoulders shampoo, Pringles, Crest toothpaste and Bounty paper towels. P&G is much larger than Gillette, and has more than three times as many employees.
Investor Warren Buffett's company, Berkshire Hathaway Inc., owns 9.7 percent of Gillette, or about 96 million shares -- a stake equivalent to 93.6 million P&G shares. Buffet, Gillette's largest single shareholder, called the combination "a dream deal" in a video presentation to the analysts and said he plans to buy another 6.4 million P&G shares to reach 100 million by late this year, when the sale is expected to close.
Cincinnati-based P&G will pay 0.975 of a P&G share for each share of Gillette. Based on P&G's closing price of $55.32 per share Thursday, the deal values Boston-based Gillette at about $54 per share -- an 18 percent premium over its closing price.
News of the deal sent Gillette's shares soaring $5.72, or 12.5 percent, to $51.40 in early trading Friday on the New York Stock Exchange, while P&G's fell $1.50, or 2.7 percent, also on the NYSE.
P&G also plans to buy back $18 billion to $22 billion of its stock during the next year to 18 months. As a result, the deal would ultimately be financed through about 60 percent stock and 40 percent cash.
The deal is a bold move by P&G Chief Executive A.G. Lafley, who has led the company out of dark times over the past four years. Moving too fast on a restructuring plan implemented by former CEO Durk Jager, the company posted several disappointing quarters and its stock lost more than half its value in 2000.
Lafley replaced Jager in June 2000, slowed the pace of change and got the company back on solid footing. Its stock has risen by nearly one-third since 2003, with its strong global brands powering consistent sales growth.
As it resumed growth, P&G started acquiring brands that fit with its strategy -- Germany's Wella AG hair care line in 2003 for $5.7 billion was the biggest acquisition until Thursday. P&G also acquired Clairol for its hair-care lines and Iams Co. for its pet foods.
Lafley said he was optimistic that the company would not be forced to divest many properties as part of an antitrust review. Speaking at the analysts' presentation, he acknowledged that "there are some overlaps" of products, but that they were "relatively modest for a transaction of this size."
The company reported strong quarterly earnings on Thursday, including a 12 percent jump in net income to $2.04 billion, or 74 cents per share, up from $1.8 billion and 65 cents per share in the same period a year ago.
P&G's sales increased 7 percent to $14.45 billion in the quarter.
Gillette also has reported strong earnings since Kilts joined the company in 2001. It has moved to buoy its premium-line shaving and dental care products and sales of Duracell batteries.
In its most recent quarter, Gillette reported income of $475 million, up from $416 million, as more consumers traded up to its pricier M3Power razor and the series of hurricanes in the South boosted battery sales. Gillette also sells Oral B dental care products.
© 2005 The Associated Press
http://www.washingtonpost.com/wp-dyn/articles/A43447-2005Jan28.html?referrer=email
P&G and Gillette at a GlanceFrom Associated Press at 3:08 AM
The Procter & Gamble Co. plans to acquire Gillette Co. for $57 billion. A brief look at each company.
Procter & Gamble Co.
HEADQUARTERS: Cincinnati
2004 SALES: $51.4 billion
EMPLOYEES: 110,000 in about 80 countries
BRANDS: Tide, Charmin, Folgers, Pringles, Pampers, Noxema, Pantene.
FOUNDED: In 1837 in Cincinnati by William Procter, a candlemaker, and James Gamble, a soapmaker. Both men contributed $3,500 in startup funds.
Gillette Co.
HEADQUARTERS: Boston
2003 SALES: $9.25 billion
EMPLOYEES: 29,400 in 14 countries
BRANDS: Duracell, Braun, Oral B
FOUNDED: In 1901 as the American Safety Razor Co. by King C. Gillette in a space above a fish shop on Boston's waterfront.
---
Sources: Hoovers, AP research.
On the Web_____ • P&G Press Release • P&G Earnings Statement • P&G News/Stock Quote • Gillette News/Stock Quote
Procter & Gamble acquista Gillette per 57 miliardi
Nasce il numero uno al mondo del largo consumo. Operazione da 57 miliardi di dollari. Tagli al personale di 6mila unità.
È la fusione nel secolo nel settore del largo consumo: Procter & Gamble ha siglato un accordo per acquistare il 100% di Gillette per un cifra vicina ai 57 miliardi di dollari. Secondo gli accordi P&G emetterà 0,975 azioni per ogni azione Gillette, rappresentando un premio del 18% per gli azionisti di Gillette in base ai prezzi rispetto ai prezzi di chiusura del 27 gennaio dei due titoli. P&G, alla luce dell'operazione, ha rivisto al rialzo i target annuali di crescita delle vendite da 4-6% a 5-7% e ha previsto la possibilità di tagli del personale di 6 mila unità.
Si verrà così a creare il primo gruppo al mondo nel settore dei cosmetici cosmetico e dei prodotti di largo consumo, superando Unilever. Al via dunque un gigante da oltre 60 miliardi di dollari di fatturato e con una gamma di prodotti che spaziano dai dai detersivi alle pile, dai rasoi ai prodotti di bellezza e per la cura della persona distribuiti con decine di marchi, alcuni tra i più noti al mondo.
L'inserimento di Gillette nel portafoglio di Procter&Gamble rafforza la strategia di espansione della multinazionale dell'Ohio nel campo della cosmesi e del «personal care». Nei mesi passati la multinazionale americana si è assicurata Clairol e Wella, nomi di spicco del comparto e, addesso, pone fine all'inseguimento di Gillette avviato cinque anni fa quando l'allora amministratore delegato di P&G, Durk Jager, avanzò una offerta (bocciata da Gillette) per accaparrarsi l'azienda di Boston e i suoi prodotti di punta. Già nel mirino di concorrenti come Colgate-Palmolive, Gillette va a rendere ancora più aggressiva la strategia di crescita di Procter&Gamble gratificata, nel corso degli ultimi due anni, da una crescita in Borsa del 32%, sufficiente a fare affluire nelle sue casse denaro fresco per portare a termine piani di fusioni e acquisizioni ad alto livello.
L'offerta valuta Gillette 28 volte l'utile 2005 ed è sostenuta da Warren Buffett, il finanziere-guru che controlla Berkshire Hathaway Inc. azionista al 9% della Gillette. Buffett dice in una nota che nella società post fusione alzerà la sua quota del 7% investendo 350 milioni di dollari. P&G ha proposto contestualmente un enorme buyback azionario e acquisterà tra 18 e 22 miliardi di dollari di azioni proprieentro 18 mesi. Il buyback farà sì che di fatto l'acquisizione diventa al 60% in azioni Gillette e per il resto in contanti.
28 gennaio 2004
http://www.ilsole24ore.com/fc?cmd=art&artId=613630&chId=30&artType=Articolo&back=0
P&G to Buy Gillette in $57 Billion Deal
By Seth SutelAssociated Press WriterFriday, January 28, 2005; 12:42 PM
NEW YORK -- Procter & Gamble Co., the leading U.S. maker of household products whose brands include Crest, Pampers, Tide and Charmin, is buying the razor and battery maker Gillette Co. for $57 billion in a deal that will create the world's biggest consumer-products enterprise, the companies announced Friday.
The merger, which must still be approved by regulators and shareholders, would create a company with revenues of more than $60 billion that would have even greater clout against mass-market retailers like Wal-Mart Stores Inc., which have been pressuring consumer product suppliers to keep costs low.
Executives from both companies made their case for the merger in a presentation Friday to Wall Street analysts, saying the combination would bring together the marketing and distribution strengths of P&G, whose products are marketed largely to women, together with Gillette's high-profit brands like razors, which are marketed to mainly men.
As part of the cost-cutting that would follow the deal, executives said the merger would result in the elimination of about 6,000 jobs, or 4 percent of the combined work force of about 140,000.
"We believe we can bring these companies together and create a juggernaut," Gillette Chief Executive James M. Kilts said at the presentation. Kilts will become vice chairman of P&G and join its board.
Kilts, who has agreed to stay on for at least a year to lead the integration of the two companies, said the combination would provide Gillette with opportunities to sell their products in developing markets including China and East Europe.
"I'm a great believer in scale," Kilts said. He said he would rather lead a consolidation in consumer products makers than "get stuck with the leftovers."
The deal would add Gillette's Duracell battery, Right Guard deodorant and line of razors to P&G's collection of more than 300 consumer brands, which include Head and Shoulders shampoo, Pringles, Crest toothpaste and Bounty paper towels. P&G is much larger than Gillette, and has more than three times as many employees.
Investor Warren Buffett's company, Berkshire Hathaway Inc., owns 9.7 percent of Gillette, or about 96 million shares -- a stake equivalent to 93.6 million P&G shares. Buffet, Gillette's largest single shareholder, called the combination "a dream deal" in a video presentation to the analysts and said he plans to buy another 6.4 million P&G shares to reach 100 million by late this year, when the sale is expected to close.
Cincinnati-based P&G will pay 0.975 of a P&G share for each share of Gillette. Based on P&G's closing price of $55.32 per share Thursday, the deal values Boston-based Gillette at about $54 per share -- an 18 percent premium over its closing price.
News of the deal sent Gillette's shares soaring $5.72, or 12.5 percent, to $51.40 in early trading Friday on the New York Stock Exchange, while P&G's fell $1.50, or 2.7 percent, also on the NYSE.
P&G also plans to buy back $18 billion to $22 billion of its stock during the next year to 18 months. As a result, the deal would ultimately be financed through about 60 percent stock and 40 percent cash.
The deal is a bold move by P&G Chief Executive A.G. Lafley, who has led the company out of dark times over the past four years. Moving too fast on a restructuring plan implemented by former CEO Durk Jager, the company posted several disappointing quarters and its stock lost more than half its value in 2000.
Lafley replaced Jager in June 2000, slowed the pace of change and got the company back on solid footing. Its stock has risen by nearly one-third since 2003, with its strong global brands powering consistent sales growth.
As it resumed growth, P&G started acquiring brands that fit with its strategy -- Germany's Wella AG hair care line in 2003 for $5.7 billion was the biggest acquisition until Thursday. P&G also acquired Clairol for its hair-care lines and Iams Co. for its pet foods.
Lafley said he was optimistic that the company would not be forced to divest many properties as part of an antitrust review. Speaking at the analysts' presentation, he acknowledged that "there are some overlaps" of products, but that they were "relatively modest for a transaction of this size."
The company reported strong quarterly earnings on Thursday, including a 12 percent jump in net income to $2.04 billion, or 74 cents per share, up from $1.8 billion and 65 cents per share in the same period a year ago.
P&G's sales increased 7 percent to $14.45 billion in the quarter.
Gillette also has reported strong earnings since Kilts joined the company in 2001. It has moved to buoy its premium-line shaving and dental care products and sales of Duracell batteries.
In its most recent quarter, Gillette reported income of $475 million, up from $416 million, as more consumers traded up to its pricier M3Power razor and the series of hurricanes in the South boosted battery sales. Gillette also sells Oral B dental care products.
© 2005 The Associated Press
http://www.washingtonpost.com/wp-dyn/articles/A43447-2005Jan28.html?referrer=email
P&G and Gillette at a GlanceFrom Associated Press at 3:08 AM
The Procter & Gamble Co. plans to acquire Gillette Co. for $57 billion. A brief look at each company.
Procter & Gamble Co.
HEADQUARTERS: Cincinnati
2004 SALES: $51.4 billion
EMPLOYEES: 110,000 in about 80 countries
BRANDS: Tide, Charmin, Folgers, Pringles, Pampers, Noxema, Pantene.
FOUNDED: In 1837 in Cincinnati by William Procter, a candlemaker, and James Gamble, a soapmaker. Both men contributed $3,500 in startup funds.
Gillette Co.
HEADQUARTERS: Boston
2003 SALES: $9.25 billion
EMPLOYEES: 29,400 in 14 countries
BRANDS: Duracell, Braun, Oral B
FOUNDED: In 1901 as the American Safety Razor Co. by King C. Gillette in a space above a fish shop on Boston's waterfront.
---
Sources: Hoovers, AP research.
On the Web_____ • P&G Press Release • P&G Earnings Statement • P&G News/Stock Quote • Gillette News/Stock Quote
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