LONDON--Unilever PLC (ULVR.LN) Tuesday announced a voluntary
open offer to increase its stake in Hindustan Unilever, or HUL, its
publicly listed subsidiary in India, from 52.48% to up to 75% at a
price of INR600 per share.
MAIN FACTS:
-The offer, which is made pursuant to the rules of the
Securities and Exchange Board of India, is to acquire up to 487
million shares, representing 22.52% of the total outstanding shares
of HUL, which would increase Unilever's stake to up to 75%.
-Securities regulations in India require a minimum public
shareholding of 25% for a company to maintain a public listing in
the country.
-The offer, payable in cash, represents a premium of
approximately 29.5% over the mandatory floor price required under
Indian regulations, a premium of 26.0% to HUL's last one month's
average trading share price and 25.0% to the last one week's
average trading price on the National Stock Exchange of India
Limited.
-The potential total value of the transaction at the offer price
is approximately INR 292.2 billion or EUR4.1 billion.
-Subject to regulatory clearance, the offer period is expected
to begin in June 2013.
-Shares closed Monday at 2,805 pence valuing the company at
GBP36 billion.
-Write to Rory Gallivan at rory.gallivan@dowjones.com; Twitter:
@RoryGallivan
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