Unilever has operated under a dual-headed structure for more than 90 years
(Picture: REUTERS)Unilever has announced it has unified its Dutch and British arms and moved its legal base to London.
The London-listed FTSE 100 company - owner of brands including Ben & Jerry’s, Hellmann's and Marmite - had asked the UK High Court to approve the unification at a hearing earlier this month, to come into effect on November 29.
The move sees the company abandon a dual-headed structure that has been in place for more than 90 years, when a Dutch margarine brand and British soap company merged to create the firm.
It will see Unilever operate as a single London-based entity and is set to make it easier for the giant to acquire or sell companies.
The consumer goods giant is the owner of brands including Ben & Jerry’s
UnileverUnilever’s boards had said they considered unification to be in the best interests of all parties, and shareholders had voted overwhelmingly in favour of the proposals last month, with 99.4% of Dutch investors in support.
In a statement released on Monday, the company said: "From today, and for the first time in its history, Unilever now trades with one market capitalisation, one class of shares and one global pool of liquidity, whilst also maintaining the Group’s listings on the Amsterdam, London and New York stock exchanges."
Nils Andersen, Chairman of Unilever, said: “This is an important day for Unilever and we would like to thank our shareholders for their strong support of our unification proposals, which give us greater flexibility for strategic portfolio change, remove complexity and further improve governance.”
Unilever confirmed that there will be no change to the "operations, locations, activities or staffing levels" in either the UK or the US as a result of the move. Its food and drinks HQ will remain in Rotterdam, and home care, beauty, and personal care divisions will remain based in the UK.
The Netherlands had reportedly considered an €11bn (£9.7bn) “departure tax” on the consumer goods giant. But Unilever said last month that its legal advisers argue any issued exit tax should be annulled on the grounds that it would infringe a tax treaty in place between the Netherlands and the UK.
Former CEO Paul Polman had previously attempted to shift the company's base to Holland.
