The Procter & Gamble Co. is buying shaver and battery maker Gillette Co. for $57 billion in stock in a deal that would unite two iconic U.S. companies and create the world’s largest producer of household goods.

The combined company would boast more than $60 billion in annual revenue, giving it increased leverage at stores ranging from discounters to grocers.

If regulators approve the deal announced early Friday, P & G; will add Duracell battery, Right Guard deodorant and Gillette razors to its collection of more than 300 consumer brands, including Pampers, Pringles, Crest toothpaste and Bounty paper towels.

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