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By Saabira Chaudhuri
LONDON--Unilever PLC (ULVR.LN) has received confirmation that it is being booted from the U.K.'s blue-chip FTSE 100 index as the owner of the Dove and Vaseline brands looks to consolidate its headquarters in the Dutch city of Rotterdam.
Index-compiler FTSE Russell said in a statement that Unilever stock will be deleted from all its indexes starting on Dec. 24. It said new Unilever NV (UNA.AE) shares will replace the existing ones on FTSE Russell indexes on the same date, with shares increased according to the offer terms.
The group currently operates as two separately listed companies, Unilever PLC in the U.K. and Unilever NV in the Netherlands.
Shareholders will vote on the planned move in late October. The company needs to get approval from 50% of its Dutch shareholders and 75% of U.K. ones.
The consumer goods company has previously said it is "extremely unlikely" that it will keep a place in the index after consolidating its British and Dutch legal structures in the Netherlands.
The move is unlikely to gain the support of all shareholders, as it could force some investors--namely funds that track the FTSE 100--to ditch the company's shares. The move would also rob British and foreign investors invested in the index of some of their exposure to consumer goods.
Unilever in March said it will unify its dual structure, picking the port city of Rotterdam as its headquarters in favor of London. The decision came after a monthslong review sparked by an unwelcome $143 billion takeover proposal from Kraft Heinz Co. (KHC) early last year.
Write to Saabira Chaudhuri at email@example.com
(END) Dow Jones Newswires
September 12, 2018 10:15 ET (14:15 GMT)
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