At a Morgan Stanley presentation this morning, per the online WSJ Deals page, P&G looks to be putting together a "Chopin Liszt" (figure it out!):
. . . . Procter & Gamble Co. said it is open to deal making, but the consumer giant emphasized that acquisitions aren't a core part of its strategy to grow and that it doesn't pursue hostile acquisitions. . . .
P&G Chief Financial Officer Jon Moeller said at a Morgan Stanley conference Friday that the company would be most interested in making acquisitions to bolster its household, beauty and consumer health-care portfolios. . . .
Stay-tuned. CEO Clark did repeatedly say it was clear the Consumer Health businesses, pre-merger, would "need a partner".