In line with the ‘One Unilever’ strategy, the Anglo-Dutch consumer goods giant has today (4 September) said that it hopes to acquire the remaining shares that it does not already own of Greek food company Elais-Unilever.
The world’s third largest food company behind Nestlé and Kraft, Unilever currently holds 67% of Elais, which is traded on the Athens stock exchange. Unilever said that it intends to make the offer through its subsidiary Unilever Hellas and plans to delist Elais-Unilever once the takeover is completed.
“The intended acquisition of the outstanding shares of Elais-Unilever and the planned subsequent delisting from the Athens stock exchange is in line with the ‘One Unilever’ strategy,” Unilever said in a statement.
The company is offering EUR24.5 (US$31.4) for each share that it does not already own.
Unilever was up 1.27% at 1,271 pence at time of press. Gains came after UBS upgraded the company to “buy” from “neutral.” The investment bank raised the price target to 1,480 pence from 1,250 pence, citing a pick-up in operational performance.
