P.M. BRIEFING : EC Delays Procter-Finaf Venture
BRUSSELS — The European Community Commission asked Procter & Gamble Co. of the United States and Italy’s Finaf SpA today to suspend a plan to cooperate on making diapers and other personal hygienic products.
The companies said in September they planned to create joint ventures in Italy, Spain and Portugal for their paper products businesses, notably diapers and sanitary napkins. Procter said it would buy all Finaf’s activities in Britain.
The commission asked the companies to hold off until it is satisfied “there is no breach†of EC fair competition rules.
A commission official said the accord could create or strengthen dominant positions by the two companies and said it had received a complaint about the planned venture from Peau Douce SA, a French diaper maker.
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