A leading Unilever shareholder plans to vote against the company's plan to relocate its headquarters to the Netherlands, according to the BBC.
Aviva Investors' chief investment officer, David Cumming, told BBC Radio 4's Today programme that the company plans to vote against the move, saying that he did not see any positives for UK shareholders emerging from the move.
"Aside from the fact it is disappointing to see a world-class company like Unilever leave the UK, it also means longstanding UK shareholders may be forced to sell their stock," Cumming told the programme.
"I don't see logically why any UK shareholder would support their decision to go Dutch, because there is no upside only downside."
Unilever requires 75% of its shareholders to vote in favour of the move in order for it to be successful, and the company is confident that the "vast majority" of shareholders are in favour of the company's plans.
Shareholder meetings are set to take place in Rotterdam on 25 October, and in London on 26 October.
Last week, the company announced what it described as the 'next steps' in its simplification procedure, announcing plans to form a new company, New Unilever NV, which will be incorporated in the Netherlands.
The new holding company will be listed in London, Amsterdam, and New York.
© 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.