FMCG powerhouse Unilever has announced that it has taken the 'next steps' in its transformation process, with plans to form a new holding company, New Unilever NV, which will be incorporated in the Netherlands.
The new holding company will be listed in London, Amsterdam and New York.
The company said that the simplification of the current NV and PLC parent companies - based in the Netherlands and UK as part of a dual-headed structure - will be achieved through a combined process 'involving a UK scheme of arrangement for PLC and a Dutch statutory legal merger for NV', the company said.
'One ordinary share in the capital of New Unilever NV will be issued for each NV ordinary share and for each PLC ordinary share, resulting in shareholders receiving shares in the capital of New Unilever NV that represent an equivalent economic interest.'
The simplification procedure is subject to regulatory consents and shareholder approval, with shareholder meetings set to take place in Rotterdam on 25 October and in London on 26 October.
Unilever anticipates that the last day of trading in NV and PLC shares will be on Friday 21 December, with trading in New Unilever NV shares set to commence on 24 December.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.