Procter & Gamble Co. said Friday it would buy Gillette Co., for about $57 billion in stock, uniting two iconic U.S. producers of household goods ranging from Pampers diapers to Duracell batteries.

The combined company would boast more than $60 billion in annual revenues, giving it increased leverage at stores ranging from discounters to grocers.

The maker of Tide is paying an 18 percent premium for Gillette, best known for its razors. P&G promised cost cuts of up to $16 billion, heralded lay-offs of 4 percent of the combined 140,000 workforce and set a stock buyback of up to $22 billion in the next 18 months.

--CNN Money

While the 4% layoffs may be a little worrisome, I suppose it's always good to see a regionally headquartered company expand. The article also goes in to how the merger could lead other consumer products companies like Unilever and Colgate-Palmolive to do some buying of their own.

--Update--
More from the Enquirer and the Post.