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Gillette shareholders have approved the merger with Procter & Gamble. A total of 96% of votes were in favor of the deal. The EU anti-trust regulators are deciding if they need more time to examine the merger.

I was glad to see the famous shareholder activist, Evelyn Y. Davis, question James Kilts' outrageous $165 million compensation package. Ultimately, even Davis voted in favor of the deal.

For his part, Kilts defended his pay:

“If we would have performed like the rest of the industry, my compensation would have been like the rest of the industry, and I never feel good about apologizing for outperforming the industry and making a lot of money for shareholders and I have to make money as part of that," Kilts said. "When I joined the company, I knew I was taking a risk of joining a company that hadn't performed for five years.”

For each share of Gillette, shareholders will get 0.975 shares of P&G.

Posted by edelfenbein at July 12, 2005 5:56 PM