Unilever Withdraws Dutch Simplification Plan Amid UK Protest -Update
2018年10月5日 - 4:04PM
Dow Jones News
(Adds detail throughout; adds chairman comment and
background)
By Adam Clark
Unilever PLC (ULVR.LN) has decided to withdraw its proposal to
consolidate its dual structure, after the Anglo-Dutch
consumer-goods company faced mounting opposition from U.K.
shareholders worried over its likely eviction from the FTSE
100.
The maker of Dove soap and Ben & Jerry's ice cream said
Friday that it won't press ahead with plans to simplify its
dual-headed legal structure, having previously proposed
establishing a single headquarters in the Dutch city of
Rotterdam.
"We have had an extensive period of engagement with shareholders
and have received widespread support for the principle behind
simplification. However, we recognise that the proposal has not
received support from a significant group of shareholders and
therefore consider it appropriate to withdraw," Unilever said.
A number of institutional shareholders in the U.K., including
M&G Investments, Royal London Asset Management and Columbia
Threadneedle, had publicly said they intended to vote against the
change, which was set to force Unilever out of the U.K.'s blue-chip
FTSE 100 index.
The proposal would have needed 75% support from British
shareholders and 50% support from Dutch shareholders.
"The board continues to believe that simplifying our dual-headed
structure would, over time, provide opportunities to further
accelerate value-creation and serve the best long-term interests of
Unilever," Chairman Marijn Dekkers said.
The simplification proposal came after a monthslong review
sparked by an unwelcomed, $143-billion takeover bid from Kraft
Heinz Co. (KHC) early last year.
Unilever said its board will consider its next steps and
continue to engage with shareholders. It also said it will proceed
with its plan to cancel its Dutch preference shares.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
October 05, 2018 02:49 ET (06:49 GMT)
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