Financial Daily from THE HINDU group of publications
Wednesday, May 12, 2004
Financial Daily from THE HINDU group of publications Wednesday, May 12, 2004 |
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Corporate
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Mergers & Acquisitions Lotte acquires 20 pc of Parrys Our Bureau
Chennai , May 11 THE public offer by Lotte Confectionery Co Ltd of Korea for the shares of Parrys Confectionery Ltd has netted 7,54,258 shares (20 per cent) at Rs 283.25 per share. According to a post-offer notice of the BSE on May 7, Lotte Confectionery holds 30,31,647 shares (80.39 per cent) of Parrys's shares. The post-offer public shareholding is 7,39,643 shares (19.61 per cent). Mr N.C. Venugopal, Managing Director, Parrys, said that the formal agreement for the transfer of shares would be signed on May 24. In January, Lotte Confectionery Co Ltd came out with an open offer to acquire 20 per cent of Parrys's equity. The Korean company had signed an agreement with the Murugappa group to acquire its entire 60.39 per cent stake in Parrys at Rs 283.12 per share for a total consideration of Rs 64.47 crore. The offer was open from March 9 to April 7.
More Stories on : Mergers & Acquisitions | Dairy & Dairy Products
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