July 5, 2013 / 1:42 AM / 4 years ago

Unilever raises stake in HUL to 67 percent

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

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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