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Unilever to Acquire Russia's Concern Kalina
Posted: October 14, 2011
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Timur Goryaev, chairman of Concern Kalina, said, "The agreement reached with Unilever will enable the brands we have built into some of Russia’s best-loved and most recognized since we started in 1996 to be taken to new heights.”
Alexander Petrov, CEO of Concern Kalina, added, “The coming together of our company with one of the most successful and best-known global companies represents a tremendous vote of confidence in the strength of our brands, the people who have built them and the potential of the Russian market. The combination with Unilever will also provide our employees with opportunities in one of the best companies in the world."
Subject to obtaining the required regulatory approvals, the acquisition is expected to complete by the end of 2011. On completion Unilever intends to launch a mandatory tender offer to acquire the remaining shares that are not part of the initial agreement, at such time and on terms mandated by Russian law.