BRIEFLY / CONSUMER PRODUCTS : Gillette Says KKR May Sell Its Stake

Gillette Co. said buyout firm Kohlberg Kravis Roberts & Co., its second-biggest shareholder, may sell all or part of its 4.7% stake in the consumer products company, worth about $2.4 billion at current prices. Gillette, the world’s largest maker of blades and razors, filed with the Securities and Exchange Commission to register the 51.3 million shares held by KKR and its affiliated partnerships, double the 25.6 million registered in April. Once the shares are registered, they can be sold to the public. Although KKR currently doesn’t intend to sell any Gillette shares with the stock’s price swooning, the amended registration gives it flexibility to sell without making further regulatory filings, Gillette and KKR said. Shares of Boston-based Gillette have fallen 28% since the initial KKR filing April 2, as the company warned its 1999 profit wouldn’t meet analysts’ forecasts. KKR, the biggest leveraged buyout firm, is best known for acquiring RJR Nabisco Holdings Corp. a decade ago for a then-record $26.4 billion. Gillette shares fell 19 cents to close at $46.63 on the NYSE.