New Delhi: Shares of Hindustan Unilever and Glaxo Smith Kline (GSK) Consumer Healthcare Monday surged 4 per cent on BSE after their boards approved the merger of the two companies.
The stock of HUL jumped 4.12 per cent to close at Rs 1,825.90. Intra-day, it gained 4.89 per cent to hit the 52-week high of Rs 1,839.5.
Anglo-Dutch FMCG giant Unilever Monday said it will acquire health food and drinks portfolio of GSK in India and over 20 other markets predominantly in Asia for a consideration of 3.1 billion pounds.
As part of the transaction, Unilever’s Indian arm Hindustan Unilever will acquire GSK Consumer Healthcare (GSK CH India) via an all-equity merger, valuing the total business of the latter at Rs 31,700 crore.
In separate regulatory filings, HUL and GSK announced that their respective boards have approved their merger.