Unilever receives EC clearance for Sara Lee personal care buyout

Unilever has been granted permission by the European Commission (EC) to proceed with its takeover of consumer goods company Sara Lee's personal care business, which will be concluded later this year.

The EU Competition Authorities have approved the proposed deal to purchase the unit for 1.2 billion euros (1.02 billion pounds), a transaction which also includes Sara Lee's European laundry business.

It will see Unilever add key personal care brands such as Radox, Duschdas, Prodent and Zendium to its extensive consumer portfolio, which it believes will make it more competitive in a growing market.

Under the terms of the agreement, Unilever will also be divesting its Sanex range of personal hygiene offerings.

Doug Baillie, president of Unilever in western Europe, said: "We are pleased to have received the green light from the European Commission for this deal and we look forward to adding these important brands to our business."

Earlier this month, the company detailed its 13.2 percent year-on-year turnover growth during the third quarter of 2010 in its most recent financial report.