Unibic India - Indian cookies manufacturer and Marico ( a major Fmcg co in India ) talks for merger failed without any result .As reported earlier Marico was looking to foray into Indian biscuit market with majority stake in Unibic India.
Homegrown edible oil and personal care firm Marico Industries has ended talks to take a majority stake in Australian cookie maker Unibic Biscuits' India arm, shelving its plans to enter the 11,000-crore biscuits market.
"The deal with Marico is not happening now," United Biscuits India MD Nikhil Sen said.
The maker of Parachute hair oil and Saffola cooking oil had been negotiating with Unibic since late last year and was close to a deal to buy a 51% stake for an estimated at 130 crore, people close to the development had told ET.
Sen did not give any reason for the break in talks.
An executive, privy to the negotiations, said, "The two companies could not arrive at a meeting point on valuations, they had different expectations."
Marico refused to comment. "We do not comment on M&A speculations and hence cannot either confirm or deny queries on this," a company spokesperson said.
The Economic Times