Business & Investment

P & G, Billy Ends Planned Merger After Reuters Challenge to US FTC

© Reuters. The Procter & Gamble Co. logo will appear on the screen on the NYSE floor in New York.

Washington (Reuters)-Procter & Gamble and Billy, which sells women’s razors and other body care products, have decided to terminate the planned merger agreement, the two companies said Tuesday.

The US Federal Trade Commission filed a complaint in December with the aim of suspending trading.

“We are disappointed with the FTC’s decision and argue that it could be exciting to combine Billy and P & G to better serve more consumers around the world,” the two companies said in a joint statement. Stated.

The FTC said Billy sold high-quality women’s razors at affordable prices and P & G was the market leader in selling all wet shaving razors. In his marketing, Billy emphasizes the so-called pink tax, which is levied by companies that charge women rather than men for similar products.

“Billy is a direct retailer that advertises to customers who are tired of paying more for equivalent razors,” FTC’s Director of Competition, Ian Connor, said in a statement. “The FTC has voted to challenge the merger as it will eliminate dynamic competition from Billy.”

Billy’s P & G agreement, which went on sale in November 2017, was announced in January 2020.

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P & G, Billy Ends Planned Merger After Reuters Challenge to US FTC

https://www.investing.com/news/stock-market-news/pg-billie-halt-deal-after-us-ftc-challenge-2380115 P & G, Billy Ends Planned Merger After Reuters Challenge to US FTC

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