Marico spurts on news of acquisition

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Marico spurts on news of acquisition
Marico: Quotes, News
BSE 285.25BSE Quote0.65 (0.23%)
NSE 285.00NSE Quote1.35 (0.47%)
Shares of Marico Industries spurted on Thursday following news of its acquisition of certain brands from Reckitt Benckise. The shares of Marico were up 3.21% at Rs 170.35 on the National Stock Exchange at 10.30 am IST.

Marico Industries one of India’s leading Consumer Products & Services Groups in the Beauty and Wellness space, has acquired Set Wet, Livon, Zatak and certain other personal care brands currently owned by Reckitt Benckiser, which in turn had acquired these brands from Paras Pharmaceuticals in a deal completed in April2011.

The transaction envisages transfer of all key assets including intellectual property rights, supply agreements and third party manufacturing agreements (Paras PC business), for an undisclosed consideration.

These assets are in the process of being transferred to a separate company in which Marico will acquire 100% shares.

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