Unilever To Buy Back Preference Shares
Unilever has announced that it reached an agreement with NN Investment Partners and ASR Nederland for the acquisition of their 6% and 7% cumulative preference shares in the company.
These represent approximately 97% of all the outstanding 6% and 7% cumulative preference shares, and will be acquired through a public offer, valued at around €450 million.
Unilever says that this represents 'an important step in simplifying the capital structure', and will improve corporate governance by strengthening the link between economic interest and voting rights for company shareholders.
Unilever intends to launch a public offer, made at a price of €3,078 per 6% preference share, and €3,262 per 7% preference share. This will enable holders of the shares to access the same terms as have been agreed with NN and ASR.
Unilever will submit a request for approval of the offer memorandum to the Autoriteit Financiële Markten (Dutch Authority for the Financial Markets) as soon as is practicable.
The offer is expected to be launched in the third quarter of 2017, and be settled by the end of the year.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.