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Procter & Gamble Must Prove It's Hungry for Big Deals, Too

With already sprawling companies across many sectors showing a renewed appetite to do big deals ahead of a potential rise in interest rates next year -- headlined by AT&T's (T) blockbuster $85 billion deal for Time Warner (TWX) -- investors in consumer products giant Procter & Gamble (PG) are likely hoping it, too, will enter the deal-making fray real soon.

Up until this point, however, P&G has spent the year trying to slim down. The maker of Crest toothpaste and Gillette razors closed this fall on a $15 billion deal to slice off 40 underperforming beauty brands that subsequently merged with Coty (COTY) . With the closing of...