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| Unilever's acquisition of Sara Lee not to 'HIT' JV: Godrej |
| Press Trust of India / New Delhi Sep 25, 2009, 21:11 IST |
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Godrej Group Chairman Adi Godrej today said global FMCG player Unilever's move to acquire the personal care division of US-based Sara Lee will not have any impact on his group's joint venture with the American firm.
Godrej, currently has a joint venture - Godrej Sara Lee (GSLL) - with Sara Lee, where Godrej Industries and Godrej Boyce together hold 49 per cent stake.
In July, Godrej had announced that it would buy out Sara Lee's stake from the joint venture.
"This (Unilever's deal with Sara Lee) has no impact on GSLL," Godrej Group Chairman Adi Godrej told PTI.
GSLL is into personal and household brands like 'GoodKnight' and 'HIT', besides 'Brylcream', 'Kiwi' and 'Ambipur' from the Sara Lee global portfolio.
Unilever said it will buy the personal care business of Sara Lee Corp for euro 1.27 billion in cash to firm up its position in Western Europe and Asia.
In a statement, Unilever said it has made a binding offer to acquire the personal care business of the Sara Lee for euro 1.27 billion in cash.
The transaction is subject to regulatory approval and consultation with European employee works councils.
Unilever would add leading brands such as 'Sanex', 'Radox' and 'Duschdas' to its existing brands including 'Axe', 'Dove', Lux, 'Rexona' among others in a move to strengthen its leadership in skin cleansing and deodorants category.
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