HUL is expecting the merger of GlaxoSmithKline Consumer Healthcare, India through an-all equity deal to complete in six-nine months. The reason for the delay is due to pending clearances from various authorities.
Srinivas Phatak, HUL Chief Financial Officer stated that the company has already initiated the process of getting approval and has already initiated integration teams. He also added, “Once we get the court’s approval, GSK Consumer India would merge into HUL. That process, we expected to take between 6 to 9 months because we require various authorities’ clearances,” said Srinivas Phatak in a post-earning conference call.
“We are now in the process of getting various approvals.” Srinivas Phatak further stated.
However, Phatak also added, “We have initiated integration teams with HUL to first landing on how we want to do it and we cannot do it physically till we get approval. We would get approval in 6-9 months and only then we can really integrate to take the business forward. We can plan and get ready for that and we are doing that.”
HUL had informed in December 2018 that its board has approved the merger with GSKCH India through an-all equity deal. The deal is valuing the total business of the latter at Rs 31,700 crore.