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GSK Consumer jumps over 1 on merger with HUL
ECONOMIC TIMES, DECEMBER 03, 2018


Shares of GSK ConsumerNSE 0.42 % rose over 1 per cent on Monday on reports that Hindustan Unilever will merge with GSK Consumer for a transaction valued at Rs 31,700 crore in India's largest deal in consumer goods space.

The deal is expected to be wrapped up in 12 months. The all-equity merger deal includes an exchange ratio of 4.39 HULNSE 0.03 % shares for each GSK Consumer India share, along with GSK entire operations of nutrition business and contract to distribute the latter's over-the-counter (OTC) and oral care brands such as Sensodyne, Eno and Crocin.

The scrip was 1.57 per cent up at Rs 7,383.85 at around 02.27 pm while the benchmark Sensex was flat at 36,196. It opened at Rs 7,260 on the BSE against its previous closing of Rs 7296.95.

“With this proposed strategic merger with GSKCH India, we will be expanding our portfolio with great brands into a new category catering to the nutritional needs of our consumers," said HUL chairman Sanjiv Mehta adding that the merger will create significant shareholder value through both revenue growth and cost synergies. "The turnover of our food and refreshment business will exceed Rs10000 crore and we will become one of the largest F&R businesses in the country."

On the deal specifics, GSK said it intended to sell holding in HUL, post completion of the deal.

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