P&G to acquire Clairol for nearly $5 billion

CINCINNATI >> Procter & Gamble Co. is buying Clairol for $4.95 billion in cash in a deal that would add the Clairol, Herbal Essences and Nice 'n Easy brands to its lineup of hair care products like Pantene, Pert and Head & Shoulders.

The deal with Bristol-Myers Squibb Co. announced today, subject to regulatory approval, would be P&G's biggest acquisition. It comes as the consumer products giant is cutting thousands of jobs and a number of noncore brands in the food business to try to increase profits. Acquiring Clairol, a world leader in hair coloring and care products with about $1.6 billion in sales, is part of P&G's plan to revitalize itself by focusing on building sales of big brands, company officials said.

P&G's stock fell $2.23 today to $65.25.

Vivendi Universal buying MP3.com for $372 million

SAN DIEGO >> The world's largest record company said yesterday it is acquiring MP3.com for $372 million in cash and stock, eight months after beating the online music provider in court.

Paris-based Vivendi Universal said the deal will advance its efforts to create an online digital music subscription service.

Gasoline prices level off due to easing of supplies

CAMARILLO, Calif. >> Gasoline prices nationwide leveled off during the two weeks ending May 18, apparently ending a series of increases that sent prices up 29 cents a gallon over a two-month period, an analyst said yesterday.

The average price of gas, including all grades and taxes, rose only about three-quarters of a cent between May 4 and May 18, to $1.76 per gallon, according to the Lundberg Survey of 8,000 stations.