Colgate-Palmolive completes Sanex buyout

Colgate-Palmolive has announced the completion of its takeover of the Sanex personal care brand in Europe.

The healthcare company has finalised the 672 million euro (596.33 billion pounds) buyout agreed with former owner Unilever in March 2011, a move that will help to expand Colgate-Palmolive's presence in the region.

Sanex is a premium-priced personal care brand with a strong position in the healthy skin market.

Ian Cook, Colgate's chairman, president and chief executive officer, said: "We are excited to move forward on this strategically important acquisition that will strengthen Colgate's positions in the shower gel and deodorant categories in Europe and our overall personal care business."

Unilever was compelled to sell off its interest in Sanex in the European Economic Area at the behest of the European Commission.

The selling company said it was able to achieve a "very attractive" deal with Colgate-Palmolive, one that coincided with the transfer of the latter firm's laundry detergent brands in Colombia to Unilever.