GlaxoSmithKline Consumer Healthcare (GSKCH India) on Wednesday said its merger deal with Hindustan Unilever Limited (HUL) has been approved by the Chandigarh bench of the National Company Law Tribunal (NCLT).
On November 6, 2019, the Mumbai Bench of the NCLT had sanctioned the scheme and the order was subject to the sanction of the Chandigarh Bench of NCLT.
According to the PTI report, the National Company Law Tribunal’s (NCLT) Chandigarh branch on Wednesday, 26th February has approved the scheme of merger between consumer goods giant GlaxoSmithKline Consumer Healthcare (GSKCH) and Hindustan Unilever.
“In this regard, we wish to inform you that the scheme has now received the sanction of the Chandigarh NCLT,” HUL said in a regulatory filing.
GSK said in a BSE filing Wednesday “The effective date of the merger will be communicated to the stock exchanges upon being finalized in accordance with the procedure stated under the approved Scheme of Amalgamation.”
On December 3, 2018, Unilever had announced the acquisition of a health food portfolio, including popular brands Horlicks and Boost, from GlaxoSmithKline in India and over 20 other markets for 3.1 billion pounds (about 27,750 crores).
As per the deal, Unilever’s Indian arm, HUL is acquiring GSKCH India via an all-equity merger, valuing the total business of the latter at Rs 31,700 crore.
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