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PROCTER & GAMBLE AND FINAF HOLDING GROUP TO PROCEED WITH COMPLETION OF MERGER

 PROCTER & GAMBLE AND FINAF HOLDING GROUP TO PROCEED
 WITH COMPLETION OF MERGER
 CINCINNATI, June 22 /PRNewswire/ -- Procter & Gamble (NYSE: PG) and the FINAF holding group said today they will now proceed to complete the merger of their feminine hygiene and adult incontinence products businesses in Italy, Spain and Portugal following the European Commission's announcement of its approval to the agreement.
 "We are very pleased that the Commission has agreed to the merger of these businesses," said Procter & Gamble Chairman and Chief Executive Edwin L. Artzt. "While we are disappointed that the Commission did not also agree to include the merger of our disposable diapers businesses, the feminine hygiene and adult incontinence businesses are the most strategically and financially important. As we've said all along, we believe this agreement is good for consumers because our combined capabilities will mean faster introductions of new and better products."
 The EC's approval follows an announcement in April, 1992 that it could not approve the baby diapers part of the P&G/FINAF merger agreement. The two companies originally announced their plans to merge their paper products businesses in September, 1990. The EC originally indicated it planned to approve the merger, but in April, 1992 declared it could not agree to the baby diapers part of the agreement.
 -0- 6/22/92
 /CONTACT: Terry E. Loftus of Procter & Gamble, 513-983-9789/
 (PG) CO: The Procter & Gamble Company; FINAF Holding Group ST: Ohio IN: HOU SU: TNM


LC -- CL007 -- 2332 06/22/92 11:07 EDT
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Publication:PR Newswire
Date:Jun 22, 1992
Words:249
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