Unilever's boards have decided to proceed with the consumer goods giant's plans to unify its Anglo-Dutch corporate structure into a single entity based in London.
The maker of Hellmann's mayonnaise and Ben & Jerry's ice cream last week said the boards intended to proceed with their proposals 'provided that unification, in the boards' view, remains in the best interests of Unilever, its shareholders and other stakeholders as a whole" and that it would update shareholders as appropriate.
'In The Best Interests'
The company said on Tuesday that the boards had met and that they consider unification to be in the best interests of all parties and plan to implement the unification.
The move will bring "significant benefits" by increasing Unilever's flexibility when it comes to buying and exiting businesses, removing complexity and strengthening its corporate governance, the boards said.
"The boards are of the view that unification under Unilever PLC is the best practical option to achieve these objectives and will better position Unilever for future success," the company said.
The boards plan to request that the UK High Court approve the cross-border deal at a hearing scheduled for Nov. 2, with a view to completing the process on 29 November, the company said.
News by Reuters, edited by Donna Ahern, Checkout.