(Consumer stock takeover report updated with details about Unilever's acquisition of Russia-based Concern Kalina.)
NEW YORK ( TheStreet) - Unilever (UN) is set to acquire Russian cosmetic maker Concern Kalina, underscoring a growing trend of corporate deal-making in the consumer stock sector.
M&A activity in the U.S. was up more than 40% year over year in the first half of 2011, and the second half of the year already has seen its share of deals.
Unilever announced Oct. 14 it would acquire 82% of Kalina as it looks to grow its footprint in the "high-growth" emerging market with a "leading position in skin care in Russia."
The deal values Kalina, Russia's largest skin, hair and personal product maker, at around $690.4 million.Kalina's portfolio of personal care products adds to Unilever's roster, which includes Dove, Axe, Pond's, St. Ives, TRESemme, Sunsilk, Vaseline and V05, among others. Once the 82% acquisition passes regulatory approval, Unilever said it would make a tender offer for the remainder of Kalina's shares. Kalina is currently listed on the RTS and MICEX stock exchanges.