US-based agribusiness and food company Bunge has announced that it has signed a memorandum of understanding with Hindustan Lever to acquire the Indian consumer goods firm’s edible oils and fats businesses based in Bangalore, India.
Hindustan Lever, which is a 51% owned subsidiary of the Anglo-Dutch multinational Unilever, is a market leader in India with its branded hydrogenated vegetable fats marketed under the brand name Dalda and its bakery fats marketed under the Masterline brand name.
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Hindustan Lever’s 2002 sales of edible oils and fats were approximately US$79.9m. The acquisition is subject to customary closing conditions, including the execution of definitive documents, and is expected to close in the third quarter of 2003.
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