Consumer goods giant Unilever NV is abandoning its dual British and Dutch corporate status in favor of a single headquarters in Rotterdam, the Netherlands, in a bid to “simplify” its corporate structure, the company announced March 15.
As part of this, the company is incorporating its two legal entities, Unilever NV and Unliver plc into a single legal entity.
“This reflects the fact that the shares in the NV account for approximately 55 percent of the group's combined ordinary share capital, and trade with greater liquidity than plc shares,” the company said.
The supplier of brands such as Dove, Ben & Jerry's and Marmite, said it would continue to be listed in London, Amsterdam and New York.
Announcing the proposed changes ahead of United Kingdom's planned departure from the European Union in 2019, the company said the simplification is aimed at providing “greater flexibility for strategic portfolio change.”
Unilever's employment of 7,300 people in the U.K. and 3,100 people in the Netherlands will be unaffected by the changes.