Godfrey Phillips gains 4% on takeover talks with Phillip Morris

NEW DELHI: Shares of Godfrey Phillips rose 4 per cent in Wednesday's trade after media reports suggested that global tobacco giant Philip Morris International has initiated talks with Godfrey Philips India (GPI) take control of the cigarette brands.

Reacting to the development, the scrip gained 4.16 per cent to hit a high of Rs 1,449.

Global tobacco giant Philip Morris International has initiated talks with its Indian partner, KK Modi-led Godfrey Philips India (GPI), in an attempt to take control of the cigarette brands.

The proposed takeover may involve bifurcation of the listed entity into two separate companies with one entity focusing on manufacturing and the other containing all the GPI brands, an ET Report said.