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HUL, GSK Consumer shares rise 4 pc after boards approve merger

Press Trust of India  |  New Delhi 

Shares of Hindustan and (GSK) surged 4 per cent on BSE after their boards approved the merger of the two companies.

The stock of jumped 4.12 per cent to close at Rs 1,825.90. Intra-day, it gained 4.89 per cent to hit 52-week high of Rs 1,839.5.

The scrip of GSK went up by 3.75 to end at Rs 7,542.85. During the trading session, it soared 5.73 per cent to Rs 7687.2.

Anglo-Dutch FMCG giant Monday said it will acquire food and drinks portfolio of GSK in and over 20 other markets predominantly in for a consideration of 3.1 billion pound.

As part of the transaction, Unilever's Indian arm Hindustan will acquire GSK Consumer Healthcare (GSK CH India) via an all-equity merger, valuing the total of the latter at Rs 31,700 crore.

In separate regulatory filings and GSK announced that their respective boards have approved their merger.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 03 2018. 18:25 IST