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Unilever scraps Dutch relocation plan Unilever scraps Dutch relocation plan
(35 minutes later)
Unilever has scrapped its plan to move its headquarters to the Netherlands, after growing investor concern about the plan. Unilever, which makes Marmite and Dove soap, has scrapped its plan to move its headquarters to the Netherlands after growing criticism from investors.
Aviva Investors had said the move could force UK shareholders to sell their shares and offered "no upside". In March, the company said it had chosen Rotterdam over London for its headquarters as part of a move to simplify its corporate structure.
Unilever, which makes Marmite and Dove soap, had been relocating to simplify its corporate structure. But investors said the move could force UK shareholders to sell their shares.
But it said it recognised "the proposal has not received support from a significant group of shareholders". Unilever said it recognised "the proposal has not received support from a significant group of shareholders".
However, chairman Marijn Dekkers said that the board continued to believe that simplifying Unilever's structure was in the firm's best interests.
"The board will now consider its next steps and will continue to engage with our shareholders," the firm said in a statement."The board will now consider its next steps and will continue to engage with our shareholders," the firm said in a statement.
Unilever is to keep its listing on the London Stock Exchange, a spokeswoman said. Sell-off fears
Unilever's current dual-headed Anglo-Dutch structure has existed since 1930, when Dutch margarine firm Unie merged with British soap maker Lever Brothers.
It is one of the biggest firms in the UK's FTSE 100 share index, valued at about £124bn.
The company - which also makes Pot Noodle and Ben & Jerry's ice cream - will now keep its listing on the London Stock Exchange, a spokeswoman said.
Under UK rules it would not have been eligible to be a member of the FTSE 100 had the proposed change gone through.
This had concerned shareholders, who were worried this could spark a sell-off and drive down the share price.
Last month, Aviva Investors told the BBC the move could force UK shareholders to sell their shares and offered "no upside".