UPDATE: Unilever Receives Approval to Acquire Alberto Culver

Unilever UL today announced that it has reached an agreement with the US Department of Justice that will complete its proposed acquisition of the Alberto Culver Company. Subject to customary closing conditions, the acquisition is expected to close on or about May 10, 2011. Under the terms of the agreement with the US DOJ, Unilever will divest the Alberto VO5 brand in the United States from the Alberto Culver portfolio and the Rave brand from the Unilever portfolio. Upon completing the transaction, Unilever will continue to advance the growth potential of the Alberto VO5 brand in markets outside the United States, such as the UK, South Africa, and Australasia, where the brand has a strong consumer base. The Alberto Culver transaction remains subject to regulatory approval in the United Kingdom, Argentina, Honduras, El Salvador and the Isle of Jersey.