Procter & Gamble profits rise 5%

PROCTER & GAMBLE said yesterday quarterly profit rose 5% as products like an overnight tooth whitener and the weak dollar helped boost sales.

The results came a day after the European Commission cleared Procter & Gamble’s takeover of German hair care group Wella.

The Commission said in a statement that it “cleared the proposed acquisition, subject to a package of commitments”. Procter & Gamble agreed to grant a five-year licence, followed by a three-year period without competing, for the entire range of Herbal Essences hair care products in Ireland, Norway and Sweden. P&G also agreed to similar conditions for its colorant brands: Loving Care, Lasting Color, Glints, Born Blonde and Highlights, the Wella styling brand Silvikrin in Ireland and the Wella styling brand Catzy in Norway.