P&G Won't Counter Unilever Bid for Alberto-Culver, Chief Says

Sept. 29 (Bloomberg) --Procter & Gamble Co., the world’s largest consumer-products company, will not counter a bid by Unilever NV for Alberto-Culver Co., Robert McDonald, the company’s chief executive officer, said today in an interview.

A bid for Alberto-Culver could present “antitrust issues,” McDonald said today in an interview in Urlati, Romania.

Global economic growth is picking up, but is “uneven” and “not quite fast yet to replace the employment lost during the crisis,” he said.

Procter & Gamble is interested in acquiring Beiersdorf AG but that company “must make the first step,” McDonald said. A contract and price for Beiersdorf “must be right,” he said. “It’s a terrific global brand. But the company has to come to us.”

Procter & Gamble sees second-half earnings “better” than in the first six months of the year, he said.

To contact the reporter on this story: Andra Timu in Bucharest at atimu@bloomberg.net.

To contact the editor responsible for this story: James M. Gomez in Prague at jagomez@bloomberg.net

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