The company has received 99.99 per cent votes in favour of the scheme of amalgamation among GSK Consumers Healthcare and HUL.
New Delhi: GSK Consumers Healthcare Ltd said on Sunday that its shareholders approved its proposed merger with FMCG major HUL.
The company has received 99.99 per cent votes in favour of the scheme of amalgamation among the company and Hindustan Unilever Ltd (HUL) in the National Company Law Tribunal (NCLT) convened meeting of the equity sharehoders on June 1, 2019.
"The proposed resolution approving the Scheme was passed by the requisite majority of the equity shareholders of the Company," said GSK Consumers in a BSE filing. Earlier in January, GlaxoSmithKline Consumer Healthcare had informed that it has received approval from the fair trade regulator CCI for its merger deal with HUL.
On December 3, 2018, Anglo-Dutch FMCG giant Unilever had announced the acquisition of health food portfolio, including popular brands Horlicks and Boost, from GlaxoSmithKline in India and over 20 other markets for 3.1 billion pounds (about Rs 27,750 crore).
Under the deal, Unilever's Indian arm, HUL is acquiring GSK CH India via an all-equity merger, valuing the total business of the latter at Rs 31,700 crore. GSK CH India is the market leader in the health food drinks (HFD) category, with popular brands such as Horlicks and Boost.