UN Unilever NV

By Adam Clark 

Unilever PLC on Friday withdrew its proposal to end its dual structure, bowing to investor opposition over a controversial plan to that would have ended its status as a London blue chip.

The Anglo-Dutch maker of Dove soap and Magnum ice creams said it continues to believe that simplifying its structure would serve its best long-term interests.

The plan was devised after Unilever fended off a $143 billion takeover proposal from Kraft Heinz Co. early last year. But it has proved divisive among investors, many of whom would have had to sell shares because of the planned delisting in London in favor of a single listing in Amsterdam. Unilever was at risk of losing in a shareholder vote over the proposal.

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.

(END) Dow Jones Newswires

October 05, 2018 02:47 ET (06:47 GMT)

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