Procter & Gamble could join forces with private equity companies to make acquisitions.

“It is not inconceivable that we would consider doing partnerships with private equity,” Clayt Daley, chief financial officer of P&G, told The Times.

“If a company had four product lines and we only want to buy one or two, it doesn't make sense to acquire the whole company. It is not inconceivable that we could get into something small like that with private equity,” he added.

However, he stressed P&G was not in talks about any acquisitions.