CINCINNATI (AP) – Procter & Gamble Co. is buying razor and battery maker Gillette Co. for $57 billion in a mostly stock deal that would create the world’s largest stable of consumer products, the companies announced early today.

If approved by regulators, the deal would combine such brands as Gillette’s razors, Duracell batteries, and Oral B dental products with P&G’s Tide detergent, Pampers, and Pantene hair products.

The transaction calls for P&G to pay about 0.975 of its shares for each share of Boston-based Gillette, which would value the company at about $54 per share, based on the closing P&G share price of $55.32 on Thursday.

P&G also plans to buy back $18 billion to $22 billion of P&G’s stock during the next year to 18 months, the companies said in a joint announcement. That will ultimately result in the deal being financed through about 60 percent stock and 40 percent cash, the companies said.

The boards of both companies approved the deal on Thursday. Company executives planned an announcement Friday morning at a Manhattan hotel.

P&G sales would surge to more than $60 billion annually, from about $51 billion now.

“This combination of two best-in-class consumer products companies, at a time when they are both operating from a position of strength, is a unique opportunity,” said A.G. Lafley, P&G’s chairman, president and chief executive. “Gillette and P&G have similar cultures and complementary core strengths in branding, innovation, scale and go-to-market capabilities, making it a terrific fit.”

Among the biggest winners is Berkshire Hathaway Inc., Gillette’s largest shareholder, with 96 million shares, or about 93.6 million P&G shares. Berkshire Chairman and CEO Warren Buffett called the combination “a dream deal” and said he plans to have 100 million P&G shares by the time the deal closes, which is expected late this year.