Deals
GlaxoSmithKline to Sell $3.3 Billion Unilever India Stake
- Price set at 1,850-1,950 rupees for a Hindustan Unilever share
- JPMorgan, HSBC, Morgan Stanley are bankers on the deal
Photographer: Kuni Takahashi/Bloomberg
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GlaxoSmithKline Plc is selling its entire stake in Unilever’s listed India unit for about $3.3 billion, according to terms seen by Bloomberg.
Glaxo and Horlicks Ltd. will together sell as many as 133.8 million shares in Hindustan Unilever Ltd. Prices will range between 1,850 rupees to 1,950 rupees a share, representing a discount of as much as 8% to Wednesday’s close. Hindustan Unilever’s stock fell 1.5% to 2,010.20 rupees in Mumbai on Wednesday.