By Adam Clark

Unilever PLC (ULVR.LN) said Friday that it has decided to withdraw its proposal to simplify its dual structure amid significant opposition from U.K. shareholders.

The consumer-goods company, currently listed in Amsterdam and London, said it continues to believe simplifying its structure would serve its best long-term interests.

Unilever said it will consider its next steps and continue to engage with shareholders. The company said it will also proceed with its plan to cancel its Dutch preference shares.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

October 05, 2018 02:30 ET (06:30 GMT)

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