GOCL Corp zooms up 14 per cent

The stock of GOCL Corp was scaling highs on Thursday as the company informed that the US regulator has approved the merger of Quaker Chemical and Houghton International.

The company informed that Quaker Chemical Corporation, which is NYSE-listed company and Houghton lnternational, a subisidiary of Hinduja Group's Gulf Oil International have received the approval from the United States Federal Trade Commission to merge and form a combined entity. The approval is subject to the divestiture of certain product lines, which comprise approximately 3 per cent of the combined entities revenues. The merger is expected to close on Thursday, August l, 2019.

In April 2017, Gulf Oil International's subsidiary Houghton International signed a definitive agreement to merge with Quaker Chemical. The merger will create a company with expertise in process fluids, speciality chemicals and global primary metal and metal working industries. GOCL, which has 10 per cent equity holding in Houghton International will hold 2 per cent in the combined entity.

The company's board will meet on August 7 to consider the company's quarterly result.

Post this disclosure, on Thursday, at 14:51 hours, the stock of GOCL Corporation was quoting Rs. 258.00 per share, up by Rs. 32.30 or 14.31 per cent on BSE.