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Marmite maker Unilever goes Dutch for HQ Unilever goes Dutch for HQ as London loses out
(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 company 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. At the same time, Unilever - which also makes Pot Noodle and Ben & Jerry's ice cream - 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. The company employs 7,300 people in the UK and 3,100 in the Netherlands. No jobs will be lost by the move.
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 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.
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".
However, anti-Brexit campaigners described the move as a "major blow" to the UK government as it prepares for next year's exit from the European Union.
The chief executive of the Best for Britain group, Eloise Todd, said it showed "what business really feels" about Brexit.
She added: "The government are saying to anyone who will listen this is not to do with Brexit, but anyone with any sense knows it's a factor.
"The company has had an HQ in the UK for over 90 years, and all that history and legacy has gone down the plughole."
Tax changeTax 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. Unilever 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.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.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.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.