Unilever raises stake in HUL to 67 percent

Fri Jul 5, 2013 10:41am IST

1 of 2. A salesman takes a bottle of Hindustan Unilever Limited (HUL) Dove shampoo from a shelf at a shop in Mumbai April 30, 2013.

Credit: Reuters/Danish Siddiqui/Files

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REUTERS - Anglo-Dutch consumer goods company Unilever said it had acquired a little over two-thirds of Indian unit Hindustan Unilever following the close of a voluntary tender offer, falling short of its plan to raise its stake to as much as 75 percent.

Shareholders of Hindustan Unilever, India's largest consumer goods maker, tendered 319.7 million shares to the offer, taking Unilever's holding in the unit to 67.28 percent from 52.48 percent, Unilever said in a statement.

Unilever, which makes products including detergent, soap, margarine and ice cream, paid 600 rupees per share, valuing the transaction at about 2.45 billion euros.

Earlier this year, Unilever said it planned to pay up to $5.4 billion to raise its stake in Hindustan Unilever to as much as 75 percent, as part of a strategy to increase its presence in fast-growing emerging markets.

(Reporting by Abhishek Takle in Bangalore; Editing by Dale Hudson)

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Comments (1)
SandyBerger wrote:
How will they comply with SEBi norms of at least 25% public holding ?

Jul 04, 2013 10:05am IST  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

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