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Unilever raises stake in Indian unit to 67%
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%.
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%.
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% from 52.48%, Unilever said in a statement.
Unilever, which makes products including detergent, soap, margarine and ice cream, paid 600 rupees ($9.90) per share, valuing the transaction at about 2.45 billion euros ($3.16 billion).
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%, as part of a strategy to increase its presence in fast-growing emerging markets.
