Thu, 18 Nov 2010 | BUSINESS SALE
Unilever has been instructed to sell its Sanex business in order to win the European Commission’s approval for its Sara Lee purchase last year.
Unilever acquired Sara Lee’s personal care products business, including the Radox and Brylcreem brands, in 2009 for £817 million. The deal had raised competition concerns, as Unilever, the world’s second biggest consumer products manufacturer, already owns several leading products in various markets.
EU Competition Commissioner Joaquin Almunia said: “As Unilever offered a strong and clear-cut remedy to address the competition concerns in a number of deodorant markets, the Commission was able to clear the merger.”
It was feared that the deal, that would have combined Sanex with Unilever’s Rexona and Dove brands, would have led to price hikes in seven countries, including the UK.
The company believes it will find a new owner for Sanex by the third quarter of 2011. It is thought Unilever could gain 300 million euros from the sale.
The acquired Sara Lee brands had revenues of over 750 million euros for the year to June 2009.
Sara Lee has disposed of several of its brands over the past five years and may also decide to sell its household products brands, having received several expressions of interest.
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