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.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Mar 25, 2013|
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