Deals
P&G Vows More Change Coming After $4.2 Billion Acquisition
- Sales growth short of what investors sought, analyst says
- Purchase of Merck’s unit follows calls for corporate overhaul
Photographer: Jin Lee/Bloomberg
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Fresh off the news of a $4.2 billion acquisition of Merck KGaA’s consumer unit, Procter & Gamble Co. reported higher sales and said more change is on the way. But stock trading showed Wall Street remains skeptical.
P&G shares declined on Thursday as investors hungry for deeper change brushed aside higher revenue in the latest quarter. The company is still under pressure to produce growth after a protracted period of contraction. It’s betting that the vitamins and decongestants obtained in the purchase of Merck’s unit will hasten its comeback.