Gulf Oil Corporation rises on completion of US acquisition

Through a step down subsidiary structure in the UK and USA, the company has completed acquisition of 100% stake in Houghton International Inc.

Gulf Oil Corporation (GOCL) has moved higher by 5% to Rs 83.90 after the company said that it has completed acquisition of Houghton International Inc. for $1.045 billion.

“Through a step down subsidiary structure in the United Kingdom and USA, the company has completed acquisition of 100% stake in Houghton International Inc. for $1.045 billion after satisfactory conclusion of regulatory approvals,” GOCL said in a statement.

“The acquisition which makes GOCL the world's 9th largest lubricant company, fits extremely well with GOCL's existing lubricant portfolio and makes it a 'full range' lubricants company serving customers from automotive, metal working to energy, aerospace and marine,” it added.

The stock opened at Rs 80.40 and hit a high of Rs 83.95 on the NSE. A combined around 378,100 shares have changed hands on the counter so far on both the exchanges.