Unilever has made a voluntary open offer to raise its holding in Hindustan Unilever to 75% from 52.48%. The transaction would represent the biggest stake enhancement in the Indian market and the largest acquisition in the country’s consumer sector.
The Anglo-Dutch consumer giant will pay 4.1 billion Rs292.2 billion, $5.4 billion at Rs600 a share for the increased holding in its Indian publicly listed subsidiary, according to a stock exchange filing on Tuesday.
The cash offer is at a 29.5% premium over the mandatory floor price required under Indian regulations, a premium of 26% to Hindustan’s one-month average trading share price and 25% above the past week’s...
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