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HUL expects to complete merger with GSK Consumer Healthcare in 2019


HUL expects to complete merger with GSK Consumer Healthcare in 2019

“Once we get the court’s approval, GSK Consumer India would merge into HUL. That process, we expected to take between 6 to 9 months because we require various authorities clarences,” said Srinivas Phatak in a post-earnings conference call.”

New Delhi: FMCG major HUL recently said that it expects the merger of Glaxo Smith Kline Consumer Healthcare (GSKCH India) through an-all equity deal to complete in six-nine months due to pending clearances from various authorities.

The company has already initiated the process of getting approval and has already initiated integration teams, said HUL Chief Financial Officer Srinivas Phatak.

“Once we get the court’s approval, GSK Consumer India would merge into HUL. That process, we expected to take between 6 to 9 months because we require various authorities clarences,” said Srinivas Phatak in a post-earnings conference call.”

He further said: “We are now in the process of getting various approvals.”

On being asked as weather, the HUL has started the process of integration of brands, he said that it could not be done without approval.

Read Also: HUL, GSK Consumer shares rise 4 pc after boards approve the merger

However, Phatak also added: “We have initiated integration teams with HUL to first landing on how we want to do it and we can not do it physically till we get approval.”

On December 3, 2018, HUL had informed that its board has approved the merger with GSKCH India through an-all equity deal, valuing the total business of the latter at Rs 31,700 crore.

The transaction is an all-equity merger with 4.39 shares of HUL being allotted for every share in GSKCH India, which sells consumer healthcare products, including popular drink brand Horlicks.

Read Also: GSK Consumer Healthcare appoints Rahul Kapoor as Executive Vice President-HR



Source: PTI
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