Warner Chilcott reported in $3bn deal for P&G unit

       Drugmaker Warner Chilcott PLC could announce a $3 billion takeover of Procter & Gamble Co's prescription drug business as early as yesterday, the Wall Street Journal has reported, citing unidentified people familiar with the deal.
       Asked to comment on the report on Sunday, P&G spokesman Tom Millikin told the Associated Press that the consumer products company did not respond to rumour or speculation. A mess-age left at Warner Chilcott's offices was not immediately returned.
       Cincinnati-based P&G, known for brands like Tide detergent, Gillette razors and Pampers diapers, said late last year it was interested in exiting the prescription drug business. That segment's products include women's osteoporosis treatment Actonel, which generates more than $1 billion in annual revenue.
       Private-equity firm Cerberus Capital Management and drug maker Forest Laboratories were also purportedly interested in the P&G division, according to the paper.
       If completed, the deal would more than double Ireland-based Warner Chilcott's annual revenue and expand its share of the women's health market.The company, which makes birth control,female hormone therapies and dermatology products, has forecast annual sales of just over $1 billion for this fiscal year.
       P&G has said it sees better potential with over-the-counter products such as Vicks cough medicines and other personal care brands, like Always and Tampax feminine care. Last year the company sold off its Folgers coffee business to J.M. Smucker Inc, and added beauty and grooming businesses to its portfolio.
       The paper said six banks were expected to put up $4 billion in financing, with $3 billion going toward the sale and the rest to refinance $1 billion in existing Warner Chilcott debt.