Unilever Open Offer to Increase Stake in Hindustan Unilever Closes

05 July 2013 --- Unilever PLC has announced that, pursuant to the voluntary open offer to increase its stake in Hindustan Unilever Limited (HUL), shareholders of HUL tendered 319,699,278 shares during the tender period for the open offer which commenced on 21 June 2013 and closed on 4 July 2013.

The offer price of INR 600 per share values the transaction at approximately INR 191.8bn or €2.45 billion (based on prevailing foreign exchange rates). Based on the shares tendered which represent 14.8% of HUL, Unilever would increase its stake from 52.48% to 67.28%.

Paul Polman, CEO Unilever, said: “We are pleased to have received such a good response to our voluntary open offer and that – as a result – we will significantly increase our stake in Hindustan Unilever, an excellent Indian business with a proud heritage and the potential for attractive long-term growth.”

On completion of the verification of shares tendered, the details of the final acceptance will be communicated by Unilever PLC on 11 July 2013. The payment for shares tendered and accepted will be completed on or before 18 July 2013, at which point Unilever PLC will acquire full beneficial ownership of the shares tendered and accepted in the open offer.

The open offer was first announced on 30 April 2013 and is being managed by HSBC Securities and Capital Markets (India) Private Limited.

HUL is a market leader in the fast moving consumer goods business in India, with brands spanning categories such as soaps, detergents, shampoos, skin care, toothpastes, deodorants, cosmetics, tea, coffee, packaged foods, ice cream, and water purifiers. Its portfolio includes the following brands: Lux, Lifebuoy, Surf Excel, Rin, Wheel, Fair & Lovely, Pond’s, Vaseline, Lakmé, Dove, Clinic Plus, Sunsilk, Pepsodent, Closeup, Axe, Brooke Bond, Bru, Knorr, Kissan, Kwality Wall’s and Pureit. HUL generated over INR 270 billion turnover (or €3.8 billion) and net profit of over INR 38 billion (or €0.5 billion) for the financial year ending 31 March 2013.

Unilever will continue to consolidate 100% of the results and net assets of HUL, but the net profits attributable to non-controlling interests and the share of equity of the non-controlling interests will both be lower after the transaction.