Unilever investor ‘no’ to move
UNILEVER faces further opposition to its move from London to Rotterdam as another shareholder signalled its intention to vote against the plan.
Royal London Asset Management has joined a chorus of investors in opposing the proposal, which will see the Ben & Jerry’s owner scrap its Anglo-Dutch dual listing and relocate its HQ to the Netherlands.
“Many UK Unilever shareholders voting for the upcoming resolution are effectively voting for forced divestment of their holding,” said Mike Fox, head of sustainable investments at Royal London Asset Management.
“Unilever might be able to convince European shareholders that the move makes sense for the company and for them as investors in the long-term, but it’s hard for a UK investor to see an incentive to vote in favour.
“We think that Unilever is a high-quality company, both in its own right and as a key constituent of a number of UK indices, and have therefore decided to vote against the resolution.”
The asset manager owns 0.72pc of Unilever, worth about £360m.
A number of shareholders have come out against the move, setting up a showdown when investors vote on the plans on October 25 and 26.