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Procter & Gamble is near a deal to buy Gillette for more than $54 billion in stock, creating a dominant consumer products manufacturer...The deal, which the sources said could be announced as early as Thursday night, would create a global powerhouse making everything from Pampers diapers to Gillette razors, and boast more than $60 billion in combined annual revenues.That would vault Cincinnati-based P&G over Unilever NV (UNc.AS: Quote, Profile, Research) as the world's largest consumer products maker by revenue, giving the combined entity unprecedented leverage at stores ranging from discounters to grocers. Terms of the transaction call for P&G, a component of the Dow Jones industrial average, to offer 0.975 of its shares for each share of Gillette, according to the sources. That would value Gillette, whose products include its namesake shaving line and Duracell batteries, at $53.94 per share, or a nearly 18 percent premium. This deal would give P&G some better trade promotional strength while eliminating a few administrative costs and duplication.