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Tuesday, Jan 20, 2004

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Lotte makes open offer for 20 pc Parrys stake

Our Bureau

Chennai , Jan. 19

LOTTE Confectionery Co Ltd of Korea has come out with an offer to acquire 20 per cent of the equity shares of Parrys Confectionery Ltd at Rs 283.25 per share.

On Friday, Lotte signed an agreement with the Murugappa group to acquire its entire 60.39 per cent stake in Parrys Confectionery at Rs 283.12 per share, for a total consideration of Rs 64.47 crore. The offer is open from March 9 to April 7.

If Lotte manages to mop up the 20 per cent equity shares for which it has announced the open offer, the cost of this will come to Rs 21.36 crore.

Under the agreement with the Murugappa group, Lotte can continue to use the Parrys brand name for the range of sugar boiled confectionery currently being made by the company for five years, for a payment of Rs 5 lakh a year for five years. Lotte will seek approval from the Foreign Investment Promotion Board to acquire the Murugappa group's stake in Parrys Confectionery Ltd.

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