Unilever says sale of Sanex to Colgate-Palmolive complete

20th June 2011, Comments 0 comments

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

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