>>Wednesday January 19, 7:26 am Eastern Time
Report: Warner-Lambert, P&G in Talks
Drugmaker Warner-Lambert Reportedly Discussing Deal With Procter & Gamble That Involves P&G Buying Warner and American Home Products
NEW YORK (AP) -- Warner-Lambert held talks with Procter & Gamble to gauge interest in a possible three-way deal that would involve P&G buying both the drugmaker and American Home Products, The Wall Street Journal reported today.
A deal was far from certain, and the level of P&G's interest was unclear, the newspaper said, citing sources familiar with the talks. It was unclear if talks were continuing.
Warner-Lambert in November announced a merger with American Home Products, only to have the deal stalled when rival Pfizer launched a hostile bid for Warner-Lambert, maker of the blockbuster cholesterol drug Lipitor.
Last week, Pfizer appeared to be the likely winner in the battle when Warner-Lambert executives bowed to investor pressure and said they would negotiate a buyout from Pfizer.
The Journal said Warner-Lambert, maker of the blockbuster cholesterol drug Lipitor, and American Home also jointly approached rival drugmaker Bristol-Myers Squibb, which was uninterested in a three-way deal.
Warner-Lambert is angling to get a higher price from Pfizer, whose bid is valued at about $77.8 billion, the Journal reported.
Officials for P&G, Warner-Lambert and American Home all declined comment to the newspaper.
Acquiring Warner-Lambert, American Home or both could make the consumer products company P&G a force in prescription pharmaceuticals as well.
Warner-Lambert also makes Certs breath mints. American Home makes Advil, Anacin and Preparation H. Among P&G's products are Tide laundry detergent, Tampax tampons and Folgers coffee. <<
Spoos not ramped over this?
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