P&G likely to make GBP 38 billion bid for Unilever; HUL stock rises

LONDON: In what could be one of the biggest deals in the global FMCG sector, consumer goods giant Procter & Gamble is rumoured to be lining up a 38 billion bid for its biggest rival Unilever.

Wild rumours are doing the rounds that Procter & Gamble (P&G) could make a mega offer for Unilever, according to British publication Daily Mail.

There are "wild rumours from across the pond that Procter & Gamble could be lining up a mega 38 billion or 30 a share break-up bid for one of its biggest rivals (Unilever)," the report said.

"As sceptics quickly said that anti-trust authorities would not take kindly to such a deal, they heard whispers that P&G has apparently already lined up buyers for parts of Unilever it does not want or would have to sell to placate competition authorities," it noted.

Both P&G and Unilever have significant presence in the fast-growing Indian FMCG market.

The publication said that P&G's last major corporate deal was the 1.4 billion sale of its Pringles crisps business to Diamond Foods. "Unilever's last big purchase was the 2.3 billion acquisition of Alberto Culver, the company behind the likes of VO5, Tresemme and Simple," the report added.

At 10:42 am, shares of Hindustan Unilever Ltd were trading 3.63 per cent up at Rs 321.20 on the Bombay Stock Exchange.