Gillette acknowledges the perception in the marketplace that the increasing hostility of the economy is forcing companies to merge and that consolidation spells buyout by bigger companies of weaker entities. He says, however, that this is not the case in this deal.
"Neither side hobbled in here. Executives on both sides sought each other out. The boards of both companies agreed we could do business more expeditiously together than we each could on our own. This was choice versus need," he responds.
"This has been a tough year. It basically forces companies to see how to ensure capital. Down markets weed out the weak and there will probably be more carnage. Given the market it makes sense to take a business and collapse it and scale returns," he recognizes. "What we've done here, however, is come together on equal terms."
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