Unilever shareholders support London-base move
Unilever’s shareholders have approved the multinational’s plan to end its 90-year-old dual-headed structure in favor of a single London-based entity.
The proposal passed with the support of more than 99% of shares voted.
The results were released during shareholder meetings streamed online due to the COVID-19 pandemic. Investors in Dutch-listed Unilever NV approved the move with 99.4% support last month.
Unilever wants to unify on Nov. 29, ending a hybrid structure that dates back to the merger of British soap maker Lever Brothers and Margarine Unie in the Netherlands.
New Kingston headquarters
Unilever recently unveiled plans for a new Unilever headquarters in Kingston-upon-Thames, which will consolidate the conglomerate’s offices across London and Surrey.
If the scheme is given the green light the consumer goods giant will move in at the end of 2023 or beginning of 2024.
The move will consolidate 2,000 members of staff from five existing sites in London and Surrey, including many from its Victoria Embankment headquarters.
Dual structure
The maker of Dove soap, Hellmann’s mayonnaise and Ben & Jerry’s ice cream said the dual structure hampered its ability to conduct acquisitions and asset sales quickly, such as the planned sale of its tea business.
Such flexibility is key to Unilever’s ambition to shift its portfolio into higher-growth areas like premium beauty. Unilever has said this will become even more important as a result of the pandemic.
The final steps towards completing the unification include UK High Court hearings on Oct. 23 and Nov. 2, with the Dutch-listed shares ceasing trading after Nov. 27.