The Hindu : Tata Chem, HLCL merger move

Online edition of India's National Newspaper
Thursday, Jan 23, 2003

Business

Business

Tata Chem, HLCL merger move

MUMBAI JAN. 22. Tata Chemicals Ltd. has proposed to acquire Hind Lever Chemicals Ltd. (HLCL) through a merger "to identify growth opportunities in areas related to its current business.'' "The proposal has been put forward to the respective boards and an announcement will be made after their decision,'' a release from the Tatas said here today. This is part of Tata Chemicals' strategy to identify opportunities in its related business activities and fertilizer is one of the core activities, the release said.

In a separate statement, Hindustan Lever Ltd. (HLL), the promoter of HLCL, said the HLCL board would meet on January 24 here to consider the merger proposal and finalise the share exchange ratio for the proposed merger.

The board would also take into account the recommendations of the valuers who have completed due diligence and finalised the proposed scheme of arrangement for the merger.

The prices of both Tata Chemicals and HLCL shares spurted on the Bombay Stock Exchange and closed higher by 9.81 per cent and 10 per cent at Rs. 66.50 and Rs. 187 respectively.

UNI

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