Procter & Gamble Completes Clairol Deal

Procter & Gamble Co., the largest U.S. household goods maker, completed its $4.95-billion purchase of the Clairol hair-care business from Bristol-Myers Squibb Co.

Procter & Gamble, maker of Pantene and Head & Shoulders shampoos, said it will decide how many jobs to eliminate and which factories to close in the next 90 days as it combines operations. Clairol, based in Stamford, Conn., has 4,000 employees.

Shares of Cincinnati-based Procter & Gamble rose 45 cents to $78.74 on the NYSE. New York-based Bristol-Myers Squibb shares rose 76 cents to $55.66, also on the Big Board.