HUL announced culmination of GSK merger with 2 key changes 1) acquisition of brand Horlicks for India territory for Rs30.5bn and 2) only distribution rights for OTC brands of GSK with marketing being with Glaxo. The integration path remains quite lengthy and near term hopes rest on ability of HUL to place Horlicks and Boost in small packs using its 3x bigger distribution. Medium to long term gains would test HUL's ability to undertake brand extensions in other food products and compete with nutrition brands like Pediasure in the high science nutrition segment, given that it now owns...