Money Jun 20, 2013
New Delhi: Anglo-Dutch FMCG giant Unilever PLC's $5.4 billion open offer to increase stake in itsIndian arm Hindustan Unilever Limited (HUL) to up to 75 percent, will commence tomorrow and close on July 4.
"There has been no revision to the open offer price of Rs600 per share previously announced. The independent committeeof directors of HUL has recommended that the open offer isfair and reasonable," Unilever said in a statement.
At present, Unilever PLC has 52.48 per cent stake in HUL.The proposed open offer is valued at $5.4 billion.
"Subject to approval of the final dividend of Rs 6 pershare recommended by the board of directors of HUL for 2012-13at HUL's annual general meeting on July 26, 2013, shareholdersof HUL who tender their shares in the open offer will beentitled to receive the final dividend from HUL in respect ofthe shares tendered by them," the company said.
Once completed, the open offer would be the fifth largestIndia inbound M&A transaction on record till date.HUL's portfolio includes leading brands such as Lux,Lifebuoy, Surf Excel, Rin, Wheel, Sunsilk, Pepsodent, Closeup,Axe, Brooke Bond, Bru, Knorr, Kissan, Kwality Wall's andPureit.
The company, which employs over 16,000 employees, postednet sales of Rs 26,317.15 crore for the 2012-13 fiscal.
HUL scrips ended the day at Rs 593.15 apiece, down 0.27per cent from their previous close on the BSE.
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