NEW YORK, Nov 12, 2001/ --- Procter & Gamble's planned purchase of Clairol from Bristol-Myers Squibb Co. has gotten the thumbs up from the U.S. government. The $4.95 billion acquisition should be complete within a few weeks.

The deal is the largest ever in Cincinatti-based P&G's 164-year history, and will add $1.6 billion in annual sales from popular Clairol lines like Herbal Essences and Nice 'n' Easy.

Bristol-Myers put the hair products company on the block a little over a year ago as part of its strategy to focus on high-margin pharmaceuticals. P & G beat out such big name bidders as Unilever, Germany's Henkel, Beiersdorf and Japan's Kao Corp.