Unilever Acquires Rights of Co-founder's Family Trusts
Consumer goods group Unilever said on Monday it had paid £715 million for the rights left in family trusts by co-founder William Hesketh Lever in a move to simplify the AngloDutch group's share structure. The rights are convertible in 2038 to 70.9 million shares of Unilever Plc, or about 2.4% of the combined total of London-listed Unilever Plc and Amsterdam-listed Unilever NV. In a statement, Unilever CFO Jean-Marc Huet said the move was good for shareholders. "It is another step in the simplification of Unilever's capital structure, making Unilever easier to understand, and eliminating ahead of time the burden of a significant dilution of shareholders' interests," Huet said.