You may want to add these options too:
git config --global merge.tool p4mergetool
git config --global mergetool.p4merge.cmd 'p4merge $BASE $LOCAL $REMOTE $MERGED'
git config --global mergetool.p4mergetool.trustExitCode false
git config --global mergetool.keepBackup false
Also, I don't know why but the quoting and slash from Milan Gardian's answer screwed things up for me.