HUL to complete merger with GSK Consumer Healthcare this year
today Jan 18, 2019
Consumer goods maker Hindustan Unilever Ltd (HUL) has said that it will complete the merger of GlaxoSmithKline Consumer Healthcare (GSKCH India) through an all equity deal this year.
HUL is hopeful of getting all the required clearances and approvals from the necessary authorities for the merger within the next six to nine months.
"Once we get the court's approval, GSK Consumer India would merge into HUL. That process, we expected to take between 6 to 9 months because we require various authorities clearances. We are now in the process of getting various approvals," said HUL Chief Financial Officer Srinivas Phatak in a post earning conference call.
"We have initiated integration teams with HUL to first landing on how we want to do it and we cannot do it physically till we get approval. We would get approval in 6-9 months and only then we can really integrate to take the business forward. We can plan and get ready for that and we are doing that,” he added.
HUL had posted a 9 percent rise in quarterly profit and 12 percent rise in revenue on the back on strong sales from its beauty and personal care segment.
The company’s profit for the quarter was Rs 1,444 crore ($203.05 million) in the three months ended December 31, 2018, while its revenue was Rs 9,357 crore.
HUL has a strong presence in the country’s beauty and personal care segment with brands like as Dove, Sunsilk, and many others.
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