P&G to buy Gillette

The $57 billion deal would make Procter & Gamble the world's largest consumer goods company, adding Gillette's stable of brands that include a profitable line of razors and other men's grooming products. P&G chairman and CEO A.G. Lafley said the deal was a "unique opportunity" to combine two strong "best-in-class" companies. "This merger is going to create the greatest consumer products company in the world," said Warren Buffett, CEO of major Gillette investor Berkshire Hathaway. Gillette CEO James Kilts is expected to join the P&G board as vice chairman.

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