Marico ends talks to buy Unibic Biscuits' India arm;stock up
Marico Industries has ended talks to take a majority stake in Australian cookie maker Unibic Biscuits' India arm, shelving its plans to enter the Rs 11,000-crore biscuits market.
By ET Bureau | Updated:
MUMBAI: Marico Industries has ended talks to take a majority stake in Australian cookie maker Unibic Biscuits' India arm, shelving its plans to enter the Rs 11,000-crore biscuits market.
"The deal with Marico is not happening now," United Biscuits India MD Nikhil Sen said.
The company had been negotiating with Unibic since late last year and was close to a deal to buy a 51 per cent stake for an estimated at Rs 130 crore.
The stock was at Rs 131.95, up 0.65 per cent on the NSE. It touched a high of Rs 132.30 and low of Rs 130.10 in trade so far.
"The deal with Marico is not happening now," United Biscuits India MD Nikhil Sen said.
The company had been negotiating with Unibic since late last year and was close to a deal to buy a 51 per cent stake for an estimated at Rs 130 crore.
The stock was at Rs 131.95, up 0.65 per cent on the NSE. It touched a high of Rs 132.30 and low of Rs 130.10 in trade so far.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
