Unilever Board To Withdraw Proposal To Simplify Dual-headed Legal Structure

(RTTNews) - Unilever plc (UN, ULVR.L, UL) announced Friday that its Board has decided to withdraw its proposal to simplify Unilever's dual-headed legal structure.

In developing the proposal, the Board said it was planning to create a stronger, simpler and more competitive Unilever that is better positioned for long-term success.

The company has had an extensive period of engagement with shareholders and have received widespread support for the principle behind simplification.

However, it recognised that the proposal has not received support from a significant group of shareholders and therefore consider it appropriate to withdraw.

The company said its Board will now consider its next steps and will continue to engage with shareholders. The company will proceed with the plan to cancel the NV preference shares, further strengthening corporate governance.

Marijn Dekkers, Chairman, said, "Unilever has built a long track record of consistent and competitive performance. The Board continues to believe that simplifying our dual-headed structure would, over time, provide opportunities to further accelerate value creation and serve the best long-term interests of Unilever."