NEW YORK (AP) – Procter & Gamble Co. is preparing to buy battery and shaving-products maker Gillette Co. for $55 billion in stock, according to published reports.

If approved by regulators, the acquisition would create the world’s largest consumer-products company, coupling Gillette’s Duracell batteries, Right Guard deodorant and razor brands with P&G’s Tide detergent, Clairol and Pantene hair products and Folgers coffee.

The deal was to be announced Friday, The New York Times reported on its Web site, quoting executives close to the deal. The Wall Street Journal reported that Procter was near a deal for Boston-based Gillette.

Procter & Gamble is the parent company of Tambrands in Auburn. The company makes about 10 million tampons a day at its Hotel Road plant and employs more than 600 people, making it the largest local private employer.

Since 1997, Procter & Gamble has invested more than $130 million in Tambrands which makes tampons for U.S. and Canadian markets. It launched the Pearl line of tampons in 2002, which contributed to P&G’s record-breaking profits in 2004.

A P&G spokeswoman, Linda Ulrey, declined to comment on the reports Thursday night.

Gillette officials did not immediately return calls for comment.

The deal, as reported by both papers, calls for P&G to pay about 0.975 of its shares, or $54, for each Gillette share. That represents an 18 percent premium for Gillette, which closed at $45.85 Thursday on the New York Stock Exchange. P&G shares fell 12 cents to close at $55.32.

Cincinnati-based P&G released its quarterly earnings on Thursday, a day earlier than planned. Company executives were scheduled to meet with analysts Friday in New York.

P&G shares have risen nearly a third since 2003, as the company’s strong stable of global brands has powered consistent profits and sales growth. That rise has given the consumer-products behemoth plenty of stock currency to pursue acquisitions.

Staff writer Carol Coultas contributed to this report.