Unilever (NYSE:UL) has strengthened its stake in one of its subsidiaries abroad. The company announced that its tender offer for the shares of Hindustan Unilever closed today, with the result that the consumer goods multinational now owns 67.3% of the company. This is a gain of nearly 15 percentage points over the pre-offer figure of nearly 52.5%.
On June 20, Unilever launched an open tender for the company's stock at a price of 600 rupees ($9.97) per share. The tender is co-managed by HSBC's Securities arm in combination with local financial services provider Capital Markets (India) Private.
Hindustan Unilever currently trades at 604 rupees ($10.03) on India's National Stock Exchange. Unilever will pay for the tendered and accepted shares on or before July 18.
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