P&G acquired Gillette in a $57 billion deal to become the world's largest consumer products company and enhance its brand portfolio with Gillette's leading men's shaving brands. The acquisition provided synergies like cost cutting, faster sales growth, and greater bargaining power with retailers. Warren Buffett, a major Gillette shareholder, supported the deal, which involved P&G offering a 18% premium over Gillette's stock price. Mediators helped negotiate an increased share exchange ratio from an initial offer of 0.915 P&G shares per Gillette share to a final agreed upon 0.975 ratio.