Nov 13, 2014
Cadwalader is advising The Procter & Gamble Company (P&G) on the tax aspects of the disposition of its Duracell business through an exchange of the stock of a recapitalized Duracell Company for P&G shares held by Berkshire Hathaway Inc. Berkshire’s stock ownership of P&G is currently valued at approximately $4.7 billion. P&G expects to contribute approximately $1.8 billion in cash to the Duracell Company in the pre-transaction recapitalization.
The transaction, which follows P&G’s prior announcement of plans to exit the Duracell business, is tax efficient for P&G and is expected to close in the second half of 2015.
The Cadwalader team is led by Tax Group Chair Linda Swartz, who has served as tax counsel to P&G since 2005 on transactions including the sale of its Pringles business to Kellogg Co., the tax-free distribution and immediate acquisition of its Folgers Coffee business by the J.M. Smucker Company, and the tax-free acquisition of The Gillette Company, and includes partner Richard Nugent and associate Edward Wei.
About Procter & Gamble
P&G serves nearly 5 billion people around the world with its brands. The Company has one of the strongest portfolios of trusted, quality, leadership brands, including Always®, Ambi Pur®, Ariel®, Bounty®, Charmin®, Crest®, Dawn®, Downy®, Duracell®, Fairy®, Febreze®, Gain®, Gillette®, Head & Shoulders®, Lenor®, Olay®, Oral-B®, Pampers®, Pantene®, SK-II®, Tide®, Vicks®, Wella® and Whisper®. The P&G community includes operations in approximately 70 countries worldwide.
Dorothy Auth, Howard Wizenfeld
Joshua Apfelroth, Richard Brand, William Mills, Christopher Porcelli, Victoria Saunders
Jean Bertrand, Mark Howe, Jason Schwartz, Gary Silverstein, Linda Swartz, David Teigman, Edward Wei
Jodi Avergun is speaking at this ACI event on January 30 in Washington, DC.