Latest news with #AcquisitionofSharesand

Business Standard

Magnum to acquire 61.9% of Kwality Wall's India from Unilever Group

The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. has agreed to acquire 61.9 per cent of Kwality Wall's (India) (KWI) from the Unilever Group, Hindustan Unilever (HUL) said in a stock exchange filing. 'Magnum HoldCo has agreed to acquire all of the KWIL shares to be issued to the Unilever Group shareholders pursuant to the demerger, comprising 61.9 per cent of the issued and paid-up share capital of KWI,' the filing said. Completion of the acquisition is subject to the fulfilment of conditions outlined in the share purchase agreement. These include the successful demerger of KWI from Hindustan Unilever, the listing of KWI shares, and receipt of requisite statutory and other approvals. The filing also stated that Magnum HoldCo will be required to make an open offer to public shareholders of KWI for additional shares, in accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. 'Unilever PLC has been informed by The Magnum Ice Cream Company that, upon acquiring the India IPRs, The Magnum Ice Cream Company will ensure continued access to the India IPRs by HUL, and upon effectiveness of the demerger, by KWI, on substantially the same commercial terms as the existing licence arrangements, and until a date no earlier than 1 February 2028, subject to receipt of requisite regulatory approvals,' the filing added. In January, the board of directors of Hindustan Unilever approved the demerger of its ice cream business, KWI, into an independent listed entity. At the time, the company had also stated that under the scheme, one equity share of KWI would be allotted for every one equity share held in Hindustan Unilever. Upon demerger and listing, the entire shareholding of KWI will be held directly by HUL shareholders.