Speaking at an investor meeting, CEO Paul Polman also said that high valuations in the industry would not be a deterrent for the right deal.
"We continue to look at opportunities to bring our personal care business more premium," Polman said.
Pointing to high deal valuations, he added: "That would not deter us from doing the right thing for the company long term."
(Reporting by Martinne Geller in London; Editing by David Goodman)