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CINCINNATI - An analyst says Shiseido Co. and Estee Lauder Cos. may be possible acquisition targets if Procter & Gamble Co. wants to add more beauty products and increase penetration in emerging markets.
The world's largest consumer products company, whose brands include Tide detergent, Pantene shampoo, Crest toothpaste and Olay skin cream, has seen sales and earnings growth slow during the recession. Its strongest sales growth in the last few years has been in emerging markets.
Ali Dibadj with Sanford C. Bernstein & Co. said in a note to investors Monday that Alberto-Culver Co. and Kao Corp. also are among a dozen companies worth less than $10 billion that would offer characteristics suitable for Cincinnati-based P&G.
Dibadj notes that beauty categories generally offer higher rates of normalized growth and operating margins. He said emerging markets also provide a higher-than-average normalized growth rate for companies like P&G.
P&G spokesman Paul Fox said Monday that the company does not comment on rumors or speculation.
But new CEO Bob McDonald said last month he sees a brighter future for the 172-year-old company through selling more diapers, detergent and shampoo in places like India and Africa.
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