UPDATE 2-Colgate buys Sanex from Unilever for $940 million
* Colgate Palmolive buys Sanex brand from Unilever
* Deal comes after Unilever was ordered to sell Sanex
* Unilever buys Colgate Colombian detergent brands
(Rewrites with further detail, changes dateline)
LONDON, March 23 (Reuters) - U.S. consumer goods group Colgate-Palmolive (CL.N) has agreed to pay around $940 million for Sanex, a shower gel and deodorant brand which owner Unilever (ULVR.L) (UNc.AS) had been ordered to sell.
The European Commission asked Unilever to divest Sanex for anti-trust reasons after the Anglo-Dutch company acquired it when buying U.S. group Sara Lee's SLE.N personal care business in 2009.
Sanex had sales of 187 million euros ($265 million) in 2010, largely in Western Europe.
Also on Wednesday, Unilever agreed to buy Colgate's laundry detergent brands in Colombia, such as Fab, Lavomatic and Vel, for $215 million. Colgate said the deals were expected to add, on a combined basis, about 4 percent to earnings in 2011.
Colgate chairman and chief executive Ian Cook said: "Sanex is a very strong brand that we have admired for a long time".
Unilever Plc shares were up 1 percent at 1,828 pence at 1140 GMT in a slightly firmer London stock market. (Reporting by David Jones; Editing by Dan Lalor) ($1 = 0.7054 euro)
- Malaysia military tracked missing plane to west coast: source |
- Malaysia air probe finds scant evidence of attack: sources |
- Ukraine forms new defense force, seeks Western help |
- UPDATE 1-Missing Malaysian plane last seen at Strait of Malacca-source
- Freescale loss in Malaysia tragedy leads to travel policy questions