• Wall Street Journal, Wednesday, December 9, 2009 10:51 AM

Procter & Gamble is close to an agreement to buy Sara Lee's European air-freshener business, Jeffrey McCracken and Dana Cimilluca report, beating off a challenge by S.C. Johnson & Son for the manufacturer of Ambi Pur.

London-based private-equity firm Lion Capital LLP, meanwhile, has hired Rothschild to conduct an auction of its Oregon-based Kettle Foods, sources say. Interested parties are said to include PepsiCo's Frito-Lay unit, and Snyder's of Hanover.

Combe, a New York-based family-owned consumer-care products business that makes Just for Men and Grecian Formula hair-coloring products, Aqua Velva cologne, Brylcreem hair gel and Vagisil feminine products, is reportedly also on the block with Morgan Stanley running the auction.

And Cliffstar, a New-York based seller of juices, sports drinks and teas -- as well as private-label products for Wal-Mart and others -- has also hired Morgan Stanley and is in a second round of bidding, sources say.

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