Unilever cancels plan to move headquarters from London to Rotterdam after Brexit

Unilever was created in 1929 by the merger of Britain's Lever Brothers and Margarine Unie of the Netherlands

A growing list of British institutional refuseniks and the prospect of a retail investor rebellion in the context of Britain's planned exit from the European Union prompted the company to reverse course and ditch the plan on Friday, three weeks before it was to be voted on.

After resistance from shareholders, however, the company will instead retain both its headquarters in the United Kingdom and the Netherlands.

"Despite the government's appalling mishandling of the Brexit negotiations, the capital will always be one of the best cities in the world in which to do business", London Mayor Sadiq Khan, a member of the opposition Labour Party, said on Twitter.

One of the main points of opposition was that Unilever would likely be ejected from the FTSE 100 - having been an original constituent in 1984 - and the FSTE All-share.

The Investor Forum, which works to escalate investor concerns to companies, said it worked with over 20 institutions on this issue.

A spokesman said: 'We have had an extensive period of engagement with shareholders and have received widespread support for the principle behind simplification.

The move to a single Dutch base could have afforded Unilever greater protection against takeovers, after the company fended off an unwanted approach from Kraft Heinz Co. past year.

The biggest performance drivers now are USA interest rates and difficulties in emerging markets, particularly related to currencies, said Liberum analyst Robert Waldschmidt. Shareholders were set to vote on the plan at the end of the month.

"It would have been like a vote of "no confidence".

Hong Kong blocks visa for Victor Mallet, journalist who chaired independence talk
Rights groups and media organizations said the decision was unprecedented and highlighted growing threats to Hong Kong's cherished freedoms from Beijing.

Shareholders representing about 12% of Unilever had publicly opposed the move, concerned about the effective forced selling of their shares with no premium, uncertainty around the future tax treatment of Dutch dividends and a perception that the move was partly aimed at securing greater takeover protection under Dutch law. The threshold for an expected 80 percent turnout was correspondingly lower.

Unilever announced the plan in March as part of a package of structural changes that would make it "a simpler, more agile and more focused business".

Shareholders paint a different picture.

Unilever, which is Britain's third biggest company, said it had listened to its shareholders and will remain in the United Kingdom instead of the Netherlands for now. "They simply. viewed us as casualties of war".

Unilever CEO Paul Polman told reporters on Friday that the public debate about the controversial measure had an impact on British shareholders.

Two sources suggested that Chief Financial Officer Graeme Pitkethly, who was heavily involved in this effort along with Dutch Chairman Marjin Dekkers, may have edged lower in the company's internal ranking after the debacle.

He said he didn't see the U-turn as a black eye, but rather something they just tried and didn't work.

"If we can get behind Brexit and get an agreement, then I think there will be scope for that to rebound".

Related News:

  • Jimmy Butler Trade With Miami Heat Involving Josh Richardson Falls Apart

    Jimmy Butler Trade With Miami Heat Involving Josh Richardson Falls Apart

    The 29-year-old Butler requested a trade in the offseason, and the Timberwolves seem determined to get something done. The saga of Jimmy Butler's pending separation with the Minnesota Timberwolves took another turn over the weekend.
    Chelsea midfielder Cesc happy with deeper Sarri role

    Chelsea midfielder Cesc happy with deeper Sarri role

    Jorginho followed Sarri from Napoli to Chelsea , displacing Fabregas as Chelsea's central midfield pivot. But with Chelsea hoping to do well in all competitions this season, Fabregas can have a key role.
    Gerrard: Liverpool v Man City will be classic

    Gerrard: Liverpool v Man City will be classic

    Levein was disappointed that the slack start undermined what he felt was generally a competitive display from his team. Klopp has been described as Pep Guardiola's nemesis but the German insisted there is no magic formula to beating City.
  • Popeyes Now Serving 24K Gold Chicken Wings

    Popeyes Now Serving 24K Gold Chicken Wings

    Popeyes says the wings are available at the 3,000th restaurant, located at 868 C E Grand Street in Elizabeth, New Jersey. POPEYES® has officially opened its 3,000 restaurant and is celebrating like never before.
    Haulage vehicles move to new Tokyo fish market

    Haulage vehicles move to new Tokyo fish market

    It's lucky that I was able to eat sushi here on the last day", said Lim Chean Liang, a 26-year-old tourist from Malaysia. The market's new home on the artificial island of Toyosu in Tokyo Bay will be nearly twice the size of the former site.
    Pakistan's Ahmed Shehzad gets four-month ban for failed dope test

    Pakistan's Ahmed Shehzad gets four-month ban for failed dope test

    Shehzad has played 13 tests, 81 one-day internationals, 57 T20s for Pakistan, he has scored centuries in all three formats. Pakistan Test cricketer Ahmad Shehzad was banned for four-months in charges of doping.
  • Emmy-winning comedian Katt Williams arrested in OR  assault

    Emmy-winning comedian Katt Williams arrested in OR assault

    The town vehicle driver had swelling and cuts on his face and was treated at a hospital, according to Port of Portland police. According to TMZ , Williams may be sent to Atlanta, which could be related to his fugitive status.

    Brett Kavanaugh: Key US senators back embattled Supreme Court choice

    Protesters began swarming Capitol Hill, creating a tense, confrontational atmosphere that put Capitol Police on edge. But before the Senate could move forward, President Trump ordered a time-bound FBI investigation into Kavanaugh.
    Brazilian women protest far-right presidential hopeful

    Brazilian women protest far-right presidential hopeful

    Voters in Brazil head to the polls on Sunday in an election that could reshape the political landscape of South America. Leftist Guilherme Boulos said he feared a new military dictatorship would begin with a Bolsonaro presidency.
  • Red Dead Redemption 2's PS4 early access content includes a double-action revolver

    Red Dead Redemption 2's PS4 early access content includes a double-action revolver

    Like the horse it comes with, this item is for Red Dead Online , and will go live when the multiplayer mode does. It's a cool enough look, but knowing me, I'll swap it out as soon as I come across the next best thing.
    Former England and Chelsea captain John Terry announces retirement

    Former England and Chelsea captain John Terry announces retirement

    He said in a post on Instagram: "After 23 years as a football, I have decided not is the right time to retire from playing". Celtic's Europa League game against Salzburg also delayed any possible move for the former Liverpool chief.
    Windows 10 October Update put on hold after reports of dissapearing files

    Windows 10 October Update put on hold after reports of dissapearing files

    However, just two days after its release, the Redmond giant has paused the rollout after users started complaining of data loss. Users who have manually downloaded the update have been advised to not "install it and wait until new media is available".

Most liked

US Senate leader hails Kavanaugh vote as 'proudest moment'
Allegations of sexual assault raised during senate confirmation hearings dominated headlines and divided the US. The reaction to Saturday's historic decision , unsurprisingly, varied by Democrat or Republican.

Me Too movement reacts angrily to Brett Kavanaugh's controversial confirmation
That support all but assures Republicans of the votes they need to push the nomination across the finish line. Others said they believed Ford was sexually assaulted by someone, but that it couldn't have been Kavanaugh.

Riverdale Season 3 Casts Jughead's Mother and Sister
Gina Gershon (left) will play Gladys Jones, while Trinity Rose Likins will play Jellybean Jones on the locally filmed Riverdale . Likins has appeared in the Hallmark holiday movie " Christmas in the Air " and recurred on the CBC miniseries " Unspeakable ".

Zinedine Zidane agent casts doubt over Manchester United move
Not just always victories, always pride. "At half-time, we are losing 2-0 and I know we can do better [than] we are doing. But football is football and every result is possible, as you can see".

Brutal early career advice given to Lady Gaga
Sprawled on the bar, she locks eyes with Jackson, and with us, and instantly both he and we have fallen for the impish singer. But according to some Gaga fans, the manufactured hate is coming less from them than from fans of a rival cinematic universe.

Eleague hosting charity event for Call of Duty: Black Ops 4
If Multiplayer is not your cup of tea then you can always enjoy the Zombies mode and leave corpses of zombies in your wake. The Call of Duty Black Ops 4 map list will contain 10 new multiplayer arenas for players to take on their opponents in.

"Shame on you!": Protesters, Democrats react to Kavanaugh confirmation
Trump said Murkowski would be punished in her next primary by her Kavanaugh no vote but McConnell didn't go that far. He denied the allegations, but almost all Senate Democrats voted against his confirmation.

Who Was Sylvester Zottola? Reputed Mobster Killed At McDonald’s Drive-Thru
The younger Zottola reportedly did not cooperate with the investigation, although the shooting was caught on surveillance camera. One of the burglars pulled out a knife and stabbed him in the neck, leaving him in a critical condition in hospital.g his home.

Mohamed Salah out for Ian Rush's Manchester City record
Salah remains an excellent player and will score goals in the future. "Liverpool try to outgun whoever they are playing against". One situation and they are alone in front of your goalie, or alone in the box and they shoot and score an easy goal.

Panthers’ Reid returns, kneels during national anthem
Reid can play deep and in the post, he can cover and is excellent in defending the run because of his 6-foot-1, 217-pound frame. Wide receiver Torrey Smith said he doesn't care what Reid does during the national anthem.

Incredible stat demonstrates Tua Tagovailoa's dominance for Alabama
We had lots of opportunities to get off the field on third down and we just didn't do it, which allowed them to extend drives. Defensively, Saban said the Tide has a lot of work to do to meet the level of play the offensive is playing at.

Japan considers whether to participate in S.Korea fleet review
Japan had planned on sending its naval destroyer to the five-day event at a military port on Jeju island that begins on Wednesday. Japan and South Korea often trade barbs over disputed islands known as Takeshima in Japan and Dokdo in Korea.

Triggered: 'SNL' Star Pete Davidson Attacks 'Mentally Ill' Kanye West
During Saturday's episode, Davidson took the stage to speak to the audience with regards to the Kanye controversy. But I don't want to hear Joey Chestnut's opinion on things that are not hot dog related.

60 killed, scores burnt in DR Congo road disaster
The aftermath of a burned tanker truck in Mbuba, Democratic Republic of Congo, Saturday, Oct. 6, 2018. Matabuana said that the government has "taken measures to take charge of all the victims".

Melania Trump has tea with Kenya's 1st lady
Melania read a story to the same group of children with applauses as another child read a story about the "lion and the mouse". The two will later visit the Kenya National Theatre where they will be treated to cultural performances.