This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-43410155
The article has changed 8 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Marmite maker Unilever goes Dutch for HQ | |
| (35 minutes later) | |
| Anglo-Dutch consumer goods giant Unilever, maker of Marmite and Dove soap has chosen Rotterdam over London for its headquarters. | Anglo-Dutch consumer goods giant Unilever, maker of Marmite and Dove soap has chosen Rotterdam over London for its headquarters. |
| The firm said it would move to a single legal entity in the Netherlands in an effort to become "more agile". | The firm said it would move to a single legal entity in the Netherlands in an effort to become "more agile". |
| Unilever's dual-headed structure has existed since 1930, when Dutch margarine firm Unie merged with British soap maker Lever Brothers. | Unilever's dual-headed structure has existed since 1930, when Dutch margarine firm Unie merged with British soap maker Lever Brothers. |
| The company said the decision over its HQ was "not about Brexit". | The company said the decision over its HQ was "not about Brexit". |
| However, the move is being seen as a blow to the UK government as it prepares for next year's exit from the European Union. | However, the move is being seen as a blow to the UK government as it prepares for next year's exit from the European Union. |
| At the same time, Unilever said it would be reorganising its business into three divisions: beauty and personal care, home care, and foods and refreshment. | At the same time, Unilever said it would be reorganising its business into three divisions: beauty and personal care, home care, and foods and refreshment. |
| The first two divisions will have their headquarters in London, while the third will continue to be based in Rotterdam. | The first two divisions will have their headquarters in London, while the third will continue to be based in Rotterdam. |
| The decision was finalised at a board meeting on Wednesday. | |
| Unilever is currently the third-biggest company in the UK's FTSE 100 share index, but may not be eligible for the index after the change. | |
| Unilever employs 7,300 people in the UK and 3,100 in the Netherlands. No jobs will be lost by the move. | Unilever employs 7,300 people in the UK and 3,100 in the Netherlands. No jobs will be lost by the move. |
| A government spokesperson said: "Unilever has today shown its long-term commitment to the UK by choosing to locate its two fastest-growing global business divisions in this country, safeguarding 7,300 jobs and £1bn a year of investment. | A government spokesperson said: "Unilever has today shown its long-term commitment to the UK by choosing to locate its two fastest-growing global business divisions in this country, safeguarding 7,300 jobs and £1bn a year of investment. |
| "As the company itself has made clear, its decision to transfer a small number of jobs to a corporate HQ in the Netherlands is part of a long-term restructuring of the company and is not connected to the UK's departure from the EU." | "As the company itself has made clear, its decision to transfer a small number of jobs to a corporate HQ in the Netherlands is part of a long-term restructuring of the company and is not connected to the UK's departure from the EU." |
| Unilever chief executive Paul Polman told the BBC's Today programme that the move to a single legal entity was being made for "technical reasons", as the bulk of its shares - 55% - were traded in the Netherlands. | Unilever chief executive Paul Polman told the BBC's Today programme that the move to a single legal entity was being made for "technical reasons", as the bulk of its shares - 55% - were traded in the Netherlands. |
| "This is not about Brexit," he said, adding that "both countries are attractive from an investment point of view". | "This is not about Brexit," he said, adding that "both countries are attractive from an investment point of view". |
| Tax change | Tax change |
| The maker of Pot Noodles and Ben & Jerry's ice cream announced a review of its dual-headed structure last year, after it foiled a $143bn takeover offer from Kraft Heinz. | The maker of Pot Noodles and Ben & Jerry's ice cream announced a review of its dual-headed structure last year, after it foiled a $143bn takeover offer from Kraft Heinz. |
| The company has had talks with the governments of both countries in the run-up to its decision. | |
| According to reports, Mr Polman lobbied the UK government for changes in UK takeover rules, while the government expressed concerns over Unilever's decision to pick Rotterdam for its HQ. | |
| The company's shares will continue to be listed in London, Amsterdam and New York. | |
| Speculation that it would choose the Netherlands has increased in recent months, following the proposal of a tax change by Dutch Prime Minister Mark Rutte, himself a Unilever veteran, seen as benefiting Anglo-Dutch multinationals. | Speculation that it would choose the Netherlands has increased in recent months, following the proposal of a tax change by Dutch Prime Minister Mark Rutte, himself a Unilever veteran, seen as benefiting Anglo-Dutch multinationals. |
| Since 1930, Unilever has operated with two parent companies - a British PLC headquartered in London and a Dutch NV based in Rotterdam. | Since 1930, Unilever has operated with two parent companies - a British PLC headquartered in London and a Dutch NV based in Rotterdam. |
| Although run as one company, the distinct legal entities have different shareholders, separate stock listings and annual meetings and are subject to different laws and corporate governance requirements. | Although run as one company, the distinct legal entities have different shareholders, separate stock listings and annual meetings and are subject to different laws and corporate governance requirements. |