Unilever to Unify Legal Structure Under Single Parent Company -- Update
2020年6月11日 - 05:11PM
Dow Jones News
--Unilever said it plans to unify its legal structure under a
single parent company
--The Anglo-Dutch company said it will create a simpler entity
under its British structure
--The move seeks to give Unilever a greater flexibility for
managing its portfolio after the pandemic
By Adria Calatayud
Unilever PLC said Thursday that it plans to unify its legal
structure under a single parent company, as the company seeks
greater flexibility for managing its portfolio in the postpandemic
world.
The Anglo-Dutch consumer-goods giant, which makes Dove soap and
Ben & Jerry's ice cream, intends to consolidate its structure
under the Unilever PLC umbrella, in a fresh attempt to move away
from its current dual structure after a proposal two years ago was
trashed due to lack of support from some shareholders.
Unilever said the unification will give it greater strategic
flexibility and remove complexity as it seeks to accelerate the
pace of portfolio change as part of an evaluation of its categories
and brands that began last year, including through equity-based
acquisitions or demergers.
The company said having as much flexibility and responsiveness
as possible will be critically important in the business
environment created by the coronavirus pandemic.
A previous proposal to consolidate its British and Dutch legal
structure in the Netherlands was withdrawn in October 2018, after
the plan didn't receive support from a significant group of
shareholders. That move followed a monthslong review triggered by
an unwelcome $143 billion takeover approach from Kraft Heinz
Co.
This time around, the company's board said it considers unifying
its structure under Unilever PLC as the best practical option to
achieve its goal.
Unilever said it expects that its shares will continue to be
included in the FTSE 100, London's blue-chip index, and will be
applying for an additional listing of Unilever PLC shares on
Euronext Amsterdam. Two years ago, the lack of guarantees over
whether the company would retain its place in the FTSE 100 was met
with resistance from investors.
Investors will share the same legal, ownership, dividend,
governance and capital distribution rights in a single parent
company, Unilever said.
"We remain committed to the Netherlands and the U.K. and there
will be no change to Unilever's footprint in either country as a
result of the proposed change to Unilever's legal parent
structure," Chairman Nils Andersen said.
The unification will be implemented through a cross-border
merger between Unilever PLC and Unilever NV, under which Unilever
NV shareholders will receive one new Unilever PLC share per each
share held, the company said.
Shares in London at 0720 GMT were up 1.7% at 4,454 pence.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
June 11, 2020 03:56 ET (07:56 GMT)
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