This article is from the source 'independent' 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.independent.co.uk/news/business/unilever-moves-headquarters-rotterdam-london-brexit-100-years-a8256736.html

The article has changed 7 times. There is an RSS feed of changes available.

Version 3 Version 4
Unilever moves headquarters to Rotterdam after almost 100 years in London Unilever moves headquarters to Rotterdam after almost a century in London
(about 5 hours later)
Unilever has announced that it will be moving its legal headquarters to Rotterdam, dealing a sharp blow to Britain’s status as a European business hub ahead of Brexit.  Unilever, one of the UK's best known corporate giants, has announced that it will be consolidating its legal headquarters in Rotterdam, dealing a sharp blow to Britain’s status as a European business hub ahead of Brexit. 
The consumer goods giant, which is the UK’s third largest company and has up until now been based in both the UK and the Netherlands, on Thursday said that it was shaking up its corporate structure. Under the changes it will operate three divisions. Its beauty and personal care division and its home care division will be based in London, while its foods and refreshment division will be based in Rotterdam. The consumer goods giant, which is the UK’s third largest company and has up until now been based in both the UK and the Netherlands, on Thursday said that it was shaking up its corporate structure. Under the changes it will operate three divisions. Its beauty and personal care division and its home care division will be based in London, while its foods and refreshment division will be based in Rotterdam. 
It said that it also intends to simplify from its current structure of being two legal entities, transforming into one legal entity that will be incorporated in the Netherlands.It said that it also intends to simplify from its current structure of being two legal entities, transforming into one legal entity that will be incorporated in the Netherlands.
It said that the decision reflects the fact that the shares that are currently listed in the Netherlands account for approximately 55 per cent of the group's combined ordinary share capital, and also trade with greater liquidity than the ones listed in London.  It said that the decision reflects the fact that the shares currently listed in the Netherlands account for approximately 55 per cent of the group's combined ordinary share capital and also trade with greater liquidity than the ones listed in London. 
However, the maker of Dove soap, Marmite and Ben & Jerry's ice cream, will continue to have its shares listed in the capital, as well as in Amsterdam and New York following the changes. It also said that Unilever's employment of 7,300 people in the UK and 3,100 people in the Netherlands will be unaffected by the changes. However, the maker of Dove soap, Marmite and Ben & Jerry's ice cream, will continue to have its shares listed in the capital, as well as in Amsterdam and New York following the changes. It also said that Unilever's employment of 7,300 people in the UK and 3,100 people in the Netherlands will be unaffected by the changes. 
"Unilever's board is fully committed to delivering long-term performance and sustainable value for shareholders,” said chairman Marijn Dekkers. "Unilever's board is fully committed to delivering long-term performance and sustainable value for shareholders,” said chairman Marijn Dekkers. 
“The board believes the move to three divisions and the simplification of our corporate structure will create a simpler, more agile and more focused company with increased strategic flexibility for value-creating portfolio change,” he added. “The board believes the move to three divisions and the simplification of our corporate structure will create a simpler, more agile and more focused company with increased strategic flexibility for value-creating portfolio change,” he added. 
Unilever, which was formed in 1930 through a merger between Dutch margarine producer Margarine Unie and UK soap maker Lever Brothers, last year already announced that it was reviewing its dual-headed corporate structure in the aftermath of its fending off an attempted $143bn takeover from Kraft Heinz. Unilever, which was formed in 1930 through a merger between Dutch margarine producer Margarine Unie and UK soap maker Lever Brothers, last year already announced that it was reviewing its dual-headed corporate structure in the aftermath of it fending off an attempted $143bn takeover from Kraft Heinz.
As one of the largest listed company's in the UK, Unilever is a major contributor to the economy.  As one of the largest companies in the UK, the group is a major contributor to the economy. 
In addition to its London headquarters, it has three global research facilities at Port Sunlight, Colworth and Leeds, as well as manufacturing sites and distribution depots all around the UK.In addition to its London headquarters, it has three global research facilities at Port Sunlight, Colworth and Leeds, as well as manufacturing sites and distribution depots all around the UK.
It has annual UK sales of around £1.8bn and many of its products – including Persil, Dove, Magnum, Flora, Marmite and Lynx – are market leaders. It has annual UK sales of around £1.8bn and many of its products – including Persil, Dove, Magnum, Flora, Marmite and Lynx – are market leaders. 
In the lead up to Thursday’s announcement, Unilever had reportedly met with the governments of both the UK and the Netherlands. The Dutch Prime Minister Mark Rutte is a Unilever veteran himself. In the lead up to Thursday’s announcement, Unilever reportedly met with the governments of both the UK and the Netherlands. The Dutch Prime Minister Mark Rutte is a Unilever veteran himself.
Although the company did not specifically cite Brexit as a reason for its move in the end, the decision is expected nonetheless bruise Theresa May’s government with just a year to go until the UK is due to quit the trading bloc. Although the company did not specifically cite Brexit as a reason for its move in the end, the decision is expected bruise Theresa May’s government with just a year to go until the UK is due to quit the trading bloc.
On Thursday, a government spokesman welcomed Unilever’s continued commitment and its promise to protect jobs. Asked about the announcement, a government spokesman welcomed Unilever’s continued commitment and its promise to protect jobs.
"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," the spokesman said. "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," the spokesman said. 
In an interview with Reuters, Unilever’s chief financial officer implied that it was not clear yet whether Unilever would remain part of the FTSE 100 benchmark index of the UK’s largest publicly listed company’s after the move. In an interview with Reuters, Unilever’s chief financial officer implied that it was not clear yet whether Unilever would remain part of the FTSE 100 benchmark index of the UK’s largest publicly listed companies after the move.
If it were to drop out of the index, shares could fall as a result of some investors being forced to sell their holdings. If it were to drop out of that index, shares could fall as a result of some investors being forced to sell their holdings.
“We will continue with the premium listing in the UK, which means the full UK corporate governance requirements will apply to the company,” CFO Graeme Pitkethly told the agency.“We will continue with the premium listing in the UK, which means the full UK corporate governance requirements will apply to the company,” CFO Graeme Pitkethly told the agency.
“What we can’t determine is index inclusion; index inclusion is different to your listing. Because of confidentiality we haven’t yet engaged with the index providers and it is up to the index providers to determine who is in their listing or not in their listing.”“What we can’t determine is index inclusion; index inclusion is different to your listing. Because of confidentiality we haven’t yet engaged with the index providers and it is up to the index providers to determine who is in their listing or not in their listing.”