Procter & Gamble said buying Gillette was a 'a unique opportunity'

However, the Federal Trade Commission stipulated that Gillette's Right Guard and Rembrandt brands must be sold off to allay competition concerns.

P&G also said it would offer to sell Gillette deodorant brands Soft & Dri and Dry Idea to the Right Guard buyer.

The merger will create the world's largest consumer products company.

Boston-based Gillette agreed to be bought by P&G in January and shareholders of both companies overwhelmingly approved the acquisition in July.

P&G's products include Pampers diapers and Tide laundry detergent, while Gillette is famous for its shaving products and Duracell batteries.