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Hindustan Unilever (HUL) on Wednesday said it had completed the merger of GlaxoSmithKline (GSK) Consumer with itself, taking its combined food and refreshment business to over Rs 12,000 crore.

The merger will also give HUL access to brands such as Horlicks and Boost, pitting the company against rivals such as Nestlé India, another big player in the health and nutrition segment.

HUL will also pay GSK Plc a sum of Rs 3,045 crore for acquiring Horlicks’ brand rights in India, implying it will not pay brand royalty to parent Unilever, who had first acquired the rights when the merger was announced in December 2018.

GSK Plc, on the other hand, will monetise its 5.7 per cent holding in HUL, after the share swap is completed on April 17. 4.39 HUL shares will be exchanged for every GSK Consumer share as part of the scheme of arrangement, approved by the Mumbai and Chandigarh Benches of the National Company Law Tribunal.
With the merger now complete and GSK Consumer’s assets and liabilities moving to HUL’s books of account, attention will shift to the integration of the former’s employees and operations into HUL.

Around 3,500 people from the nutrition business of GSK Consumer have moved to HUL, company Chief Financial Officer Srinivas Phatak said on Wednesday, with the emphasis now on integrating IT, systems, sales, distribution and procurement across the two companies.

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