Shares of Pidilite Industries Ltd. posted the highest intraday jump in three months after the maker of Fevicol adhesive signed a pact to acquire Huntsman’s India unit, which makes Araldite.
Pidilite has entered into an agreement to acquire a 100% stake in Huntsman Advanced Materials Solutions Pvt.—a subsidiary of Huntsman Corp. that houses the company’s consumer adhesive business—for Rs 2,100 crore, according to an exchange filing.
The transaction, it said, doesn’t require any governmental or regulatory approval and is likely to be completed in the next few days, subject to certain pre-conditions being met prior to closing of the transaction.
Huntsman’s flagship brand ‘Araldite’ is the market leader in India among ‘epoxy adhesives’, especially used to join or bond metal surfaces. This is used by professional mechanics who repair machines, including automobiles and…