EU to review Procter's bid for Sara Lee units
BRUSSELS, March 31
BRUSSELS, March 31 (Reuters) - European Union competition authorities have agreed to a request by five European national regulators to probe a bid by Procter & Gamble (PG.N) to acquire Sara Lee's SLE.N air-freshener unit.
"The deal did not qualify for the EU's one-stop shop review because the merging parties do not meet the triggering turnover threshold," the Commission said in a statement.
"But the national competition authorities of Belgium, Germany, Spain, Portugal and the United Kingdom asked the Commission to examine the impact of the deal on their territories," the EU's executive arm said.
Household, beauty and health care goods specialist P&G, is bidding to buy Sara Lee's Ambi Pur unit for $470 million to expand its portfolio of air fresheners and broaden its presence in Europe and Asia. [ID:nN05205758] (Reporting by Bate Felix; editing by Elaine Hardcastle)