P&G;, Unilever Settle Corporate Spying Case
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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.
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