Unilever one step closer to establishing an exclusive UK headquarters after Dutch shareholders backed consolidation plans
Unilever is one step closer to establishing an exclusive UK headquarters after Dutch shareholders backed its consolidation plans.
Since its founding via a merger in 1930, the Anglo-Dutch group behind Dove soap and Marmite has bases in London and Rotterdam.
But according to plans approved yesterday by investors in the Netherlands, there would be only one legal basis in the UK. It has emphasized that this will not affect its overall presence in either country.
Switch: Since its foundation through a merger in 1930, the Anglo-Dutch group behind Dove soap and Marmite has bases in London and Rotterdam
Unilever wants the changes, which it says will make its structure simple and easier for deal-making, to take effect on November 22.
And the final step is to get approval from UK shareholders in a vote on October 12, which is expected to be easy.
Unilever began its bid to restructure under previous management after a failed £ 112 billion takeover by US rival Kraft Heinz in 2017.
It tried to establish its headquarters in Rotterdam, but changed course after a mail campaign and opposition from investors.
Chief executive Alan Jope said that despite recent proposals from a Dutch opposition party, Unilever would continue to introduce an ‘exit tax’ if it leaves the Netherlands.
The company’s lawyers believe the move would be in violation of international law. However, Unilever has said it can cancel the changes if the law is passed.
Shares in the consumer goods group fell 1.7 percent.