Unilever to Be Forced From U.K.'s FTSE-100 -- Update
13 Settembre 2018 - 12:01AM
Dow Jones News
By Saabira Chaudhuri
LONDON -- Unilever PLC will be booted from the U.K.'s blue-chip
FTSE 100 index before the end of the year if the company wins a
shareholder vote to consolidate its dual structure and establish a
single headquarters in the Dutch city of Rotterdam.
The maker of Dove soap and Ben & Jerry's ice cream had asked
FTSE Russell, the compiler of the index, to allow it to remain a
component of the index. But the company has also long said it
wasn't likely to succeed in that effort.
FTSE Russell, in a written statement Tuesday, said Unilever
would indeed fall out of the index on Dec. 24. It is unclear which
company will succeed Unilever.
Unilever, the result of a 1929 merger of a Dutch margarine maker
and a British soap producer, is one of the index's highest-profile
members, alongside British flagship companies such as BP PLC and
Rolls-Royce Holdings PLC.
An expulsion could prompt some investors -- including funds that
track the FTSE 100 -- to divest themselves of the company's shares.
Shares in Rotterdam-listed Unilever NV will remain part of the Euro
Stoxx 50 index, Europe's popular blue-chip index.
U.K.-listed shares in Unilever were largely flat in London on
Wednesday.
Unilever said in March that it would unify its dual structure,
choosing Rotterdam as its headquarters over London. The decision
came after a monthslong review sparked by an unwelcome, $143
billion takeover proposal from Kraft Heinz Co. early last year.
A deletion from the FTSE 100 isn't a sure bet. The consolidation
has been opposed by some British investors. Shareholders will vote
on whether to approve Unilever's move in late October. The change
needs approval from 50% of the company's Dutch shareholders and 75%
of its U.K. ones.
Unilever has said it is confident it will get the votes. If it
doesn't, the dual structure will remain in place, and Unilever will
stay in the British index.
Write to Saabira Chaudhuri at saabira.chaudhuri@wsj.com
(END) Dow Jones Newswires
September 12, 2018 17:46 ET (21:46 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Grafico Azioni Unilever (EU:UNA)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Unilever (EU:UNA)
Storico
Da Apr 2023 a Apr 2024