Very interesting article and pretty irritating too!

Why isn't P&G on the tax radar? Because it has kept a low profile, and because the deals have been spread out over an extended period: Jif peanut butter and Crisco shortening in a 2002 deal, Folgers coffee in 2008, and Pringles chips in a deal scheduled to close later this year. Besides, the deals are so convoluted that you have to be a tax techie (or a masochist) to make your way through them.

Procter & Gamble and the dark art of tax avoidance - The Term Sheet: Fortune's deals blog Term Sheet