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By Adam Clark
Unilever PLC (ULVR.LN) on Monday laid out further details of its plan to consolidate its dual structure and base itself solely in the Netherlands.
The consumer-goods company said it will cancel the Dutch preference shares it acquired earlier this year, and shut down its depository receipt structure.
Unilever also said that in reference to a proposed 250-day "time-out period" which companies could use to delay shareholder calls for strategy changes, it would not invoke the measure now or in the future.
The Dutch government has proposed the measure and said it could be used in the face of hostile takeover bids. Unilever rejected a $143 billion bid from Kraft Heinz Co. (KHC) in 2017.
Unilever said that under the new structure, a 3% stake will be sufficient to call a shareholder meeting, and a 1% stake will be enough to table a resolution at meetings.
Unilever's consolidation plan has been publicly opposed by some U.K. shareholders, after the company said it was unlikely to be able to maintain its listing on the FTSE 100 index.
Write to Adam Clark at email@example.com; @AdamDowJones
(END) Dow Jones Newswires
October 01, 2018 06:40 ET (10:40 GMT)
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