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Unilever PLC To Buy Hindustan Unilever Ltd Stake For $3.2 Billion-DJ


Thursday, 4 Jul 2013 01:11pm EDT 

Dow Jones reported that Unilever PLC will spend $3.2 billion to increase its stake in its Indian unit Hindustan Unilever Ltd by 14.8%, the Company said late. The acquisition fell short of what Unilever had originally hoped for, but it would still be the acquisition of an Indian asset by deal value in more than a year. Unilever had said in April that it wanted to by a 22.5% stake in Mumbai-based Hindustan Unilever to raise its shareholding in the Company to 75%. To achieve this, Unilever had made an open offer to shareholders of Hindustan Unilever to buy 487 million shares at 600 rupees ($10) apiece. The offer price carried a 21% premium on Hindustan Unilever's share price a day before the announcement, and would have resulted in a total investment of around $4.87 billion. Shareholders had until to decide whether to sell their shares to Unilever. They tendered only around 320 million shares or 14.8% of the Hindustan Unilever shareholding, putting the transaction value at around 192 billion rupees ($3.2 billion), the Company said in a statement. 

Company Quote

44.73
0.14 +0.31%
12:23pm EDT