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Unilever Says UK Court Has Approved Unification Plan

Published on Nov 3 2020 7:29 AM in A-Brands tagged: Trending Posts / UK / Unilever / Netherlands / Exit Tax

Unilever Says UK Court Has Approved Unification Plan

Unilever's cross-border merger between its Dutch and British corporate entities has been approved by the United Kingdom's High Court, the company said on Monday, marking the effective point of no return for the group's plan to become a single London-based entity.

The transaction is due to complete on 29 November 2020.

Unilever NV's Amsterdam-listed shares will cease trading after Friday 27 November and shares in the new combined public company will begin trading in London on Monday 30 November.

Retroactive 'Exit Tax'

The consumer goods giant is pressing ahead with the plan despite a proposal from a Dutch opposition party that could saddle the company with an €11 billion ($12.79 billion) retroactive 'exit tax' if passed into law.

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Unilever and the Netherlands' Council of State, which advises parliament on the legality of bills, have said the proposed tax would be illegal.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

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