Unilever makes $5.4 bn offer to raise stake in India unit

Anglo-Dutch food giant Unilever on Tuesday announced an offer to raise its stake in Indian subsidiary Hindustan Unilever (HUL) in a proposed deal worth 293 billion rupees ($5.4 billion).

The deal, which saw HUL shares surge 20 percent, is part of Unilever's plan to increase its presence in emerging markets such as India. The firm has offered to buy up to 487 million shares, or 22.52 percent of HUL.