Hindustan Unilever on Friday said its board will meet on April 1 to declare that the merger with GlaxoSmithKline Consumer Healthcare (GSKCH) will be effective from that day.
Hindustan Unilever Ltd (HUL) and GSKCH have received approval from the Mumbai and Chandigarh bench of the National Company Law Tribunal, respectively for the merger, HUL said in a regulatory filing.
“In this regard, we further wish to inform you that in accordance with the terms of the scheme, a meeting of the Board of Directors of the Company is scheduled to be held on Wednesday, April 01, 2020, to take on record the sanction of the Scheme by the Mumbai NCLT and Chandigarh NCLT and to declare the Scheme effective from April 01, 2020,” it said.
On December 3, 2018, Anglo-Dutch FMCG giant Unilever announced the acquisition of health food portfolio, including popular brands Horlicks and Boost, from GSKCH India and over 20 other markets for 3.1 billion pounds (about Rs 27,750 crore).
Under the deal, Unilever’s Indian arm, HUL is acquiring GSKCH India via an all-equity merger, valuing the total business of the latter at Rs 31,700 crore.
GSKCH India is the market leader in the health food drinks (HFD) category, with popular brands such as Horlicks and Boost.
HUL stock settled at Rs 2033.20, down 1.27 per cent from its previous close, on the BSE.
Source: Economic Times