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07.01 09:09:19

Bic confirms Cello Pens acquisition - India

The BIC Group has confirmed its intention to ensure the implementation of the agreement signed on 22 January 2009 to acquire 40% of India's Cello Pens writing instrument business for 7.9 billion INR (161 million USD).

 

The statement follows a Cello management proposition to the BIC Group to on January 4th 2010 to unwind, “on terms and conditions to be mutually agreed between the parties”, the definitive agreement signed on 22 January 2009 whereby BIC Group acquired 40% of the Cello Pens writing instrument business, with a call option to increase its stake to 55% in 2013.

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