P&G;, Unilever Settle Corporate Spying Case

Procter & Gamble Co. and Unilever said they reached a settlement of P&G;’s admission that it had improperly obtained competitive information about its rival in the hair-care business.

The companies declined to reveal any terms of the deal, which ended an embarrassing and probably expensive admission by P&G.;

According to published reports, terms could have involved a payment from P&G; of at least $10 million to Unilever.

Fortune magazine reported last week that P&G; employees hired a company whose operatives went through trash bins and misrepresented themselves as market analysts to gain information about Unilever’s hair-care business.

P&G; acknowledged that employees obtained information in a way that violated company policies but said the company did nothing illegal.

Unilever’s hair-care business includes the Suave, Salon Selectives, Finesse, Rave, Aqua Net and ThermaSilk brands. P&G;’s brands include Pantene, Head & Shoulders and Pert.