Netherlands, Unilever, Vote

Netherlands, Unilever

Unilever's Dutch shareholders vote on unification, HQ move

Unilever's Dutch shareholders vote on unification, HQ move

18/9/2020 2:26:00 PM

Unilever 's Dutch shareholders vote on unification, HQ move

Shareholders of Unilever NV in the Netherlands are expected to back plans to unify the consumer goods giant under a single parent company based ...

BusinessShareholders of Unilever NV in the Netherlands are expected to back plans to unify the consumer goods giant under a single parent company based in London and end 90 years as an Anglo-Dutch hybrid.FILE PHOTO: Unilever headquarters in Rotterdam, Netherlands August 21, 2018. REUTERS/Piroschka van de Wouw

US senators seek to declare China 'genocide' against Uighurs US sex cult leader Keith Raniere jailed for 120 years Football: Liverpool labour to 2-0 win over Midtjylland

18 Sep 2020 06:55PMShare this contentBookmarkAMSTERDAM: Shareholders of Unilever NV in the Netherlands are expected to back plans to unify the consumer goods giant under a single parent company based in London and end 90 years as an Anglo-Dutch hybrid.

The result of an online vote will be released on Monday during an extraordinary shareholders' meeting streamed online due to the coronavirus, with investors in British Unilever Plc due to vote on Oct. 12. If approved by both sides, Unilever hopes to unify on Nov. 22.

AdvertisementAdvertisementThe maker of Dove soap, Surf detergent and Ben & Jerry's ice cream has argued that the dual national structure hampers its ability to conduct acquisitions and disposals quickly, such as the planned sale of its three-billion euro tea business.

"My guess is that will pass and it will give Unilever a simpler organisational structure, making it easier for effective management actions to take place," said Steve Clayton, UK fund manager of the Hargreaves Lansdown Select Fund range, whose UK Income fund has a 6.2 percent weighting in Unilever.

Unilever began its push to restructure under previous management after a failed US$143 billion takeover approach by Kraft Heinz in February 2017.Tax and political considerations thwarted its first attempt to unify in Rotterdam in 2018, with concerns about a 15per cent Dutch dividend withholding tax and forced selling by some UK shareholders once Unilever was dropped from Britain's FTSE 100.

AdvertisementAdvertisementNow, Britain's departure from the European Union gives some extra urgency, as a delay beyond this year could mean that the marriage of the company's two arms could face additional scrutiny from EU and British regulators as a cross-border merger.

EU warns not enough Covid-19 vaccines for all in Europe until 2022 Nearly 200 European airports risk going bankrupt if travel fails to recover Biden vows to back Belarus opposition in removing Lukashenko

"We are definitely in favour of the reunification. The situation has been running on for far too long and has presented an unnecessary distraction," said Freddie Lait, chief investment officer of Latitude Investment management."It makes complete sense ... and it should not be controversial."

Glass Lewis, an independent share advisory group, recommends voting for unification.The British government has also cheered the plan. Dutch politicians are less enthusiastic.In 2018, Prime Minister Mark Rutte tried unsuccessfully to scrap the 15per cent tax on dividends. The cut was intended to keep Unilever and Royal Dutch Shell in the Netherlands, but became seen as a gift to rich foreign investors.

Dutch politicians also do not want their country missing out on collecting some 300 million euros (US$355 million) annual tax from Unilever, leading an opposition party to propose an"Exit Tax".Unilever says that idea violates European law, but if enacted as proposed, it would cost the company 11 billion euros - enough to derail unification once again.

"If it doesn't happen, the last hundred years or so suggests that Unilever will continue to thrive, all around the globe," said Hargreaves Lansdown's Clayton.(Reporting by Martinne Geller;Editing by Elaine Hardcastle) Read more: CNA »

No train service on parts of North-South, East-West, Circle lines after power fault

There was a partial blackout at Boon Lay station while passengers at Choa Chu Kang station were detrained and walked on the tracks that run above the street.. Read more at straitstimes.com.

Sex toys company logo a no-go for Dutch clubAMSTERDAM: Dutch top flight club FC Emmen will not be allowed to enter into a shirt sponsorship deal with a company that makes sex toys, the Dutch ...

Sex toys company logo a no-go for Dutch clubAMSTERDAM: Dutch top flight club FC Emmen will not be allowed to enter into a shirt sponsorship deal with a company that makes sex toys, the Dutch ...

Sex toys company logo a no-go for Dutch clubAMSTERDAM: Dutch top flight club FC Emmen will not be allowed to enter into a shirt sponsorship deal with a company that makes sex toys, the Dutch ...

Sex toys company logo a no-go for Dutch clubAMSTERDAM: Dutch top flight club FC Emmen will not be allowed to enter into a shirt sponsorship deal with a company that makes sex toys, the Dutch ...

Temasek's enhanced stake may fortify minority shareholders' faith in SembmarineIT IS hard not to feel pity for shareholders of Sembcorp Marine (Sembmarine). Read more at The Business Times.

Toshiba confirms over 1,000 vote cards uncounted, probe continuesTOKYO - Toshiba Corp said on Friday more than 1,000 postal voting forms for its annual shareholder meeting arrived by the deadline but went uncounted, in its first official confirmation of a Reuters report on uncounted votes.