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Money News

Unilever says UK court has approved unification plan

The logo of Unilever is seen at the consumer goods group's headquarters in Rotterdam, Netherlands, August 21, 2018. REUTERS/Piroschka van de Wouw/File Photo

LONDON (Reuters) - Unilever’s cross-border merger between its Dutch and British corporate entities has been approved by the United Kingdom’s High Court, the company said on Monday, marking the effective point of no return for the group’s plan to become a single London-based entity.

The transaction is due to complete on Nov. 29.

Unilever NV’s Amsterdam-listed shares will cease trading after Friday Nov. 27 and shares in the new combined public company will begin trading in London on Monday Nov. 30.

The consumer goods giant is pressing ahead with the plan despite a proposal from a Dutch opposition party that could saddle the company with an 11 billion euro ($12.79 billion)retroactive “exit tax” if passed into law.

Unilever and the Netherlands’ Council of State, which advises parliament on the legality of bills, have said the proposed tax would be illegal.

($1 = 0.8599 euros)

Reporting by Martinne Geller; Editing by David Goodman

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