Unilever resistance grows as another shareholder rejects proposal for Netherlands move

PUBLISHED: 12:47 28 September 2018 | UPDATED: 16:56 28 September 2018

Unilever produces Colman's Mustard.

Unilever produces Colman's Mustard.

PA Wire/PA Images

Unilever is facing growing opposition to its move to a Netherlands-based unified structure, after another shareholder signalled its intention to vote against the change.

Aviva Investors has already voiced its dissent at the move, and has now been backed by Legal & General Investment Management (LGIM) which says that it will not back the scrapping of Unilever’s UK stock exchange listing.

Sacha Sadan, director of corporate governance at LGIM, said Unilever had not made a “compelling” case for the move.

Unilever announced that it planned to “simplify” from two legal entities into a single one, incorporated in Rotterdam, in March.

It dealt a major blow to the UK government and its efforts to uphold Britain’s status as a centre for business after Brexit.

But Unilever has insisted the move to Rotterdam has “nothing to do with Brexit”.

Unilever announced in January 2018 that it would be moving the production of Colman’s Mustard out of its site at Norwich’s Carrow Works.

If you value what this story gives you, please consider supporting the Eastern Daily Press. Click the link in the orange box above for details.

Become a supporter

This newspaper has been a central part of community life for many years. Our industry faces testing times, which is why we're asking for your support. Every contribution will help us continue to produce local journalism that makes a measurable difference to our community.

Latest from the Eastern Daily Press