Unilever says sale of Sanex to Colgate-Palmolive complete
Anglo-Dutch cosmetics giant Unilever said on Monday that it has completed the sale of soap maker Sanex to New York-based Colgate-Palmolive for 672 million euros ($962 million).
Unilever confirmed in a statement "that, further to the announcement made on March 23rd 2011, it has completed the sale of the global Sanex business to Colgate-Palmolive for 672 million euros."
The sale was required by a European Commission competition ruling as part of a bigger deal for Unilever to buy Sara Lee body care.
The Commission expressed concern that Unilever would gain a dominant position in deodorants by adding Sanex brands to its Rexona, Axe and Dove labels.
The commission approved the sale of Sanex to Colgate-Palmolive on June 6.
© 2011 AFP