Gillette buys majority share of rival firm

Gillette Co, manufacturer of the Duracell brand, has bought a 70 per cent stake in the Sino-foreign joint venture Fujian Nanping Nanfu Battery, according to a report by China Daily. The acquisition is likely to give the US company a dominant position in China's battery market since Nanfu is thought to account for more than 40 per cent of national alkaline battery sales. An official from Nanfu told the newspaper that Gillette was seeking to acquire the remaining 20-30 stakes that are held by overseas shareholders.