On April 1, 2020, Hindustan Unilever Limited (HUL) acquired GlaxoSmithKline Consumer Healthcare Ltd. (GSKCH) to strengthen HUL’s global presence and assist GSKCH in managing its liabilities. Four years after the merger, HUL reported a turnover of INR 595,790 million in its fiscal year 2023–24 annual report. The case invites students to assume the role of an analyst and reassess the INR 4.39 per share valuation of GSKCH, evaluating whether it is fair and aligned with HUL’s strategic goals of sustainability and profitability. It also explores the long-term benefits of the merger and considers the potential for a demerger if the partnership does not meet expectations.
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