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P&G to pay USD1bn for Agrolimen's stake in Arbora & Ausonia JV.

MANews-(C)2009-2012

20 July 2012 - The Procter&Gamble Company (NYSE:PG), or P&G, will pay USD1bn (EUR821m) to acquire Spanish Agrolimen's interest in their Arbora & Ausonia joint venture, the US consumer goods group said.

Currently, P&G holds a stake of 50% in the partnership, which specialises in diapers manufacturing. The Spanish food group has made use of a put option to dispose of its 50% interest in the JV to P&G.

P&G said it would likely finalise the purchase by the end of the year.

The Cincinnati-based company expects that after taking full control of the business it will be able to boost benefits and drive innovation.

Barcelona-based Arbora & Ausonia specialises in the production and sale of absorbent products for the child and family hygiene, feminine hygiene and adult incontinence markets. The company, which has a headcount of 1,300, has offices in Spain and Portugal. It sells nappies and wipes under the Dodot, Kandoo and Charmin brands, Evax and Ausonia sanitary towels and panty liners and Tampax tampons.

P&G, which recently unveiled plans to zero in on core, large businesses, closed last month the USD2.695bn sale of its Pringles snacks business to cereal maker Kellogg Co (NYSE:K).Country: Portugal, SpainSector: Consumer ProductsTarget: Arbora & AusoniaBuyer: The Procter&Gamble CompanyVendor: Agrolimen SADeal size in USD: 1bnType: Corporate acquisitionStatus: Agreed

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Publication:M & A Navigator
Date:Jul 20, 2012
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