Printer Friendly

Colgate Palmolive India to sell division to US parent.

M2 EQUITYBITES-March 25, 2013-Colgate Palmolive India to sell division to US parent(C)2013 M2 COMMUNICATIONS http://www.m2.com

25 March 2013 - The board of personal care products firm Colgate Palmolive (India) Ltd (BOM:500830) on Monday approved a plan to sell its division Global Shared Services Organisation (GSSO) to its ultimate US parent Colgate Palmolive Co (NYSE:CL) for INR598.9m (USD11m/EUR9m).

GSSO's employees, assets, liabilities will be taken over by Colgate Global Business Services Private Limited (CGBSPL), a fully-owned unit of consumer goods group Colgate Palmolive Co.

The transaction, to be carried out via a slump sale, will take effect on 1 June 2013, the vendor said.

The price was established based on the valuation made by Ernst & Young Pvt Ltd.

Shareholders approval and other conditions are currently in the process of being obtained, the vendor added.

((Comments on this story may be sent to info@m2.com))

COPYRIGHT 2013 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2013 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M2 EquityBites (EQB)
Geographic Code:9INDI
Date:Mar 25, 2013
Words:152
Previous Article:Arcos Dorados declares class A and B dividend of USD0.0597 per share for quarter.
Next Article:Belgrave Resources Ltd announces New GXG Markets Listing.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters