Sep 17, 2018

Unilever relocation plan rejected by major shareholder

One of the top shareholders in Unilever has said it will vote against the firm's plan to move its headquarters to the Netherlands, amid growing investor concern about the plan. It needs 75% of shareholder votes to get the plan through. "David Cumming, chief investment officer for equities at Aviva Investors, told the BBC's Today programme:"Aside from the fact it is disappointing to see a world class company like Unilever leave the UK, it also means longstanding UK shareholders may be forced to sell their stock. According to the Financial Times, more than a fifth of Unilever's top 50 shareholders have expressed concerns privately about the relocation. In July, Lindsell Train held a 2.5% stake in the company while Aviva currently holds 1.4%. Other shareholders include BlackRock, the world's largest asset manager, and Leverhulme, both of which hold more than 5%. A Unilever spokesman said the company was confident it would win the approval of shareholders.

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