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Opposition to Unilever move ramps up as another shareholder reveals it will vote against plan

PUBLISHED: 11:58 03 October 2018 | UPDATED: 15:10 03 October 2018

Colman's Mustard made by Unilever.
Picture: ANTONY KELLY

Colman's Mustard made by Unilever. Picture: ANTONY KELLY

Archant Norfolk 2016

Unilever has been hit with yet more opposition to its proposed Rotterdam move as shareholder Royal London Asset Management revealed its intention to vote against the proposal.

Unilever has been hit with yet more opposition to its proposed Rotterdam move as shareholder Royal London Asset Management revealed its intention to vote against the proposal.

It is the latest investor to oppose the proposal, which will see the Colman’s Mustard owner scrap its Anglo-Dutch dual listing and relocate its headquarters to the Netherlands.

Mike Fox, head of sustainable investments at Royal London Asset Management, said: “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.”

The asset manager owns 0.72% of Unilever, worth approximately £360m.

A growing number of shareholders have come out against the move in recent weeks, setting up a showdown for when investors vote on the plans on October 25 and 26.

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