- Greg Clark: Stock exchange ministers/chiefs should take ‘activist approach’
- The United Kingdom should not miss Amsterdam or New York
- Clark was part of a charm offensive that convinced Unilever to stay in London.
Wanted: Unilever wants to float its ice cream division, promoted here by Eva Longoria
A former business minister has urged officials to roll out the red carpet to convince Unilever to list its ice cream division in London.
Ministers and London Stock Exchange bosses should take an “activist approach” to ensure the UK is not left out of Amsterdam or New York, Conservative MP Greg Clark told the Daily Mail.
Six years ago, Clark was part of a charm offensive that convinced the maker of Magnum and Ben & Jerry’s not to move its headquarters from London to Rotterdam.
The company was forced to back down after a public backlash from shareholders.
Now the consumer goods giant is holding talks with three exchanges about a possible flotation of its £15bn ice cream division.
Clark, who was business minister from 2016 to 2019, said: “It was an important vote of confidence in the UK when Unilever chose London as its headquarters.
‘At the time, the Government and the LSE were persuasive in communicating to shareholders and the Board the advantages of listing in London. I hope they take a similarly activist approach with this opportunity.”
An IPO in the United States or the Netherlands would be a kick in the teeth for the beleaguered City, which is already facing a wave of companies leaving.
London is the home of Unilever’s listing and the birthplace of Wall’s, which began in an Acton factory in 1922. So far, UK officials have spared many details about how they plan to defend London.
But Unilever boss Hein Schumacher has confirmed there have been “regular updates with people in the (UK) government”. But the Dutch government is confident of being a first-mover due to Unilever’s commitments in 2020 after it opted for the UK as its official base.
Last month, Schumacher said he would study “all options” and that “dedicated project teams are advancing work at a good pace.”
The decision will be made in the next 18 months.
There are also fears that a private equity predator will take over the business.