P&G set to become world's No1 FMCG co

United States' largest consumer goods company Procter and Gamble is acquiring Gillette Co for about $55 billion in stock to create the world's largest consumer product business overtaking Unilver, media reports said in New York.

If approved by regulators, the acquisition would couple Gillette's Duracell batteries, Right Guard deodorant, Oral-B dental products and razor brands with P&G's Tide detergent, Clairol and Pantene hair products and Folgers coffee.

Though the reports said the deal would be announced on Friday, both companies declined to comment.

Several newspapers, including the New York Times and the Wall Street Journal, reported the deal on their websites late Thursday night.

Quoting executives close to the deal, the New York Times said P&G will pay 0.975 P&G shares for each Gillette share, valuing the offer at about $54 a share.