Procter & Gamble has called off its prepared takeover of women’s razor startup Billie, citing regulatory motion to block the deal as anti-competitive.
The Federal Trade Fee filed a complaint past thirty day period alleging the deal was “likely to outcome in substantial damage by removing competitiveness amongst the sector chief and an essential and developing head-to-head competitor.”
P&G owns the Gillette razor brand name though Billie has located a sector niche by selling discounted women’s razors and attacking the industry for its “pink tax” observe of charging extra for women’s merchandise.
“We were being upset by the FTC’s conclusion and preserve there was interesting probable in combining Billie with P&G to far better provide extra buyers close to the world,” the firms explained in a joint statement on Tuesday.
Even so, they added, “after due thought, we have mutually agreed that it is in both equally companies’ best interests