Unilever Picks Rotterdam Over London for Headquarters -- Update
15 Março 2018 - 5:30AM
Dow Jones News
By Saabira Chaudhuri and Costas Paris
LONDON -- Unilever PLC has decided to consolidate its dual
headquarters in Rotterdam over London, in an emotionally charged
decision that came despite last-minute lobbying from the British
government.
In a Wednesday board meeting, directors decided on the Dutch
city but Unilever's board was still receiving calls from the U.K.
government on Wednesday night, according to a person familiar with
the matter.
The company's announcement early Thursday came alongside details
of a broader restructuring of its operations into three divisions
with separate headquarters. Beauty & personal care, as well as
a home care unit, will be based in London, while its foods &
refreshment division will continue to be based in Rotterdam.
The maker of Dove soap and Ben & Jerry's ice cream said the
7,300 people it employs in the U.K. and the 3,100 people in the
Netherlands won't be impacted by the changes.
RBC analyst James Edwardes Jones said Unilever's announcement
isn't a big deal for investors. "The decision over the location of
Unilever's base is certainly politically charged, but in our view
has little relevance from an investors or share price perspective,"
he said.
Unilever said the simplified structure will give it more
flexibility to make portfolio changes and help long-term
performance.
The news on its legal base confirms a Wall Street Journal
article Wednesday that said the company's board had decided on the
Dutch city.
Write to Saabira Chaudhuri at saabira.chaudhuri@wsj.com and
Costas Paris at costas.paris@wsj.com
(END) Dow Jones Newswires
March 15, 2018 04:15 ET (08:15 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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