Listerine would give Colgate added strength. It's a nice competitive edge.

They've been able to realize higher prices and volume. Kraft's working through a restructuring, trying to get back to consistent growth.

The fact that both P.& G. and Colgate were able to pass on the higher costs to consumers without hurting sales is encouraging. These companies have been reshaping their portfolios toward higher-margin categories to drive profits. Over all, both the companies have done a decent job at new product introductions.

Clearly he doesn't believe the current board of directors is doing the most effective job for shareholders.