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Unilever PLC announced that, pursuant to the voluntary open offer to increase its stake in Hindustan Unilever Limited (HUL), shareholders of HUL tendered 319,699,278 shares during the tender period for the open offer, which commenced on June 21, 2013, and closed on July 4, 2013.
The offer price of INR600 per share values the transaction at approximately INR191.8 billion or €2.45 billion (based on prevailing foreign exchange rates). Based on the shares tendered which represent 14.8% of HUL, Unilever would increase its stake from 52.48% to 67.28%.
Paul Polman, CEO of Unilever, said, “We are pleased to have received such a good response to our voluntary open offer and that—as a result—we will significantly increase our stake in Hindustan Unilever, an excellent Indian business with a proud heritage and the potential for attractive long-term growth.”
On completion of the verification of shares tendered, the details of the final acceptance will be communicated by Unilever PLC on July 11, 2013. The payment for shares tendered and accepted will be completed on or before July 18, 2013, at which point Unilever PLC will acquire full beneficial ownership of the shares tendered and accepted in the open offer.