Consumer goods giant Procter & Gamble expects to cut 6,000 jobs, after agreeing a £30bn merger with health and beauty product manufacturer Gillette.
The deal, one of the largest mergers in corporate history, will be paid for mainly in P&G shares, and will see 4 per cent of the combined workforce of 140,000 leaving.
It will make P&G the world’s biggest household goods maker, pushing Unilever into second place.
The combined business will have 21 brands each generating annual sales of more than £1bn, with the number one global market position in product categories representing about two-thirds of total sales.
AG Lafley, chairman, president and chief executive of Procter & Gamble, said: “This combination of two best-in-class consumer products companies, at a time when they are both operating from a position of strength, is a unique opportunity.
“Gillette and P&G have similar cultures and complementary core strengths in branding, innovation, scale and go-to-market capabilities, making it a terrific fit.”
The deal requires shareholder and regulatory clearance, and is expected to be complete by autumn of this year.