Unilever: Sale of Sanex to Colgate-Palmolive Complete

Cosmetics giant Unilever on Monday said that it has completed the sale of soap maker Sanex to New York City-based Colgate-Palmolive for 672 million euros ($962 million).

Unilever confirmed in a statement "that, further to the announcement made on March 23, 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.

Colgate-Palmolive ranks No. 8 on IndustryWeek's 2010 IW 50 Best Manufacturing Companies list.

Copyright Agence France-Presse, 2011