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Unilever says UK High court approved cross-border merger between entities

Unilever's cross-border merger between its Dutch and British corporate entities has been approved by the UK High Court, the company said

Unilever | UK | merger

Reuters  |  LONDON 

Unilever signboard

LONDON (Reuters) - Unilever's cross-border 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.

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.

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)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Tue, November 03 2020. 07:42 IST