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Unilever's UK shareholders approve move to London
12th Oct 2020 14:41
(Sharecast News) - More than 99% of Unilever shareholders have voted to end the conglomerate's dual nationality status and base its headquarters solely in London, a move that may pave the way for mergers and acquisitions activity.
The move could yet be scuppered by the so-called departure tax proposed by the Dutch Green party and which was already winding its way through the Dutch parliament - although it remained in the early stages.
However, Unilever's position was that the proposal would break both European Union law and the UK-Netherlands bilateral tax treaty.
The company's move to unwind its current structure, which dates back to 1930, began in 2017, following an unsolicited takeover approach from America's Kraft Heinz, and management was currently conducting a strategic review of the firm's tea business.
Dutch investors had already approved the move.
As of 1527 BST, shares of Unilever were unchanged at 4,847.0p.
The move could yet be scuppered by the so-called departure tax proposed by the Dutch Green party and which was already winding its way through the Dutch parliament - although it remained in the early stages.
However, Unilever's position was that the proposal would break both European Union law and the UK-Netherlands bilateral tax treaty.
The company's move to unwind its current structure, which dates back to 1930, began in 2017, following an unsolicited takeover approach from America's Kraft Heinz, and management was currently conducting a strategic review of the firm's tea business.
Dutch investors had already approved the move.
As of 1527 BST, shares of Unilever were unchanged at 4,847.0p.