Unilever drops London for post-Brexit Dutch HQ

Anglo-Dutch consumer giant Unilever yesterday chose The Netherlands over London to host its headquarters, dealing a blow to Britain's efforts to keep multinational companies onside following Brexit, reports AFP from The Hegue.

Unilever, whose famous brands include yeast extract Marmite, PG Tips tea and Persil washing powder, announced in a statement that it "intends to simplify from two legal entities, N.V. and PLC, into a single legal entity incorporated in the Netherlands".

The news represents a blow to British Prime Minister Theresa May, analysts say, as her Conservative administration battles to secure a Brexit trade deal with Brussels.

Unilever's decision comes after a swathe of big-hitting financial institutions, including British bank HSBC, Swiss peer UBS and US giants JPMorgan and Morgan Stanley, have already confirmed plans to move some London activities to Paris and elsewhere.

Many large international companies insist however that they will retain their London presence as a platform for post-Brexit growth in Europe.

Unilever was founded in 1930 after the Dutch margarine producer Margarien Unie merged with British soapmaker Lever Brothers.

Until now, it has maintained a dual-headed structure, with listings on the London, Amsterdam and New York stock exchanges.

 

Unilever drops London for post-Brexit Dutch HQ

Anglo-Dutch consumer giant Unilever yesterday chose The Netherlands over London to host its headquarters, dealing a blow to Britains efforts to keep multinational companies onside following Brexit, reports AFP from The Hegue. Unilever, whose famous brands include yeast extract Marmite, PG Tips tea and Persil washing powder, announced in a statement that it intends to simplify from two legal entities, N.V. and PLC, into a single legal entity incorporated in the Netherlands. The news represents a blow to British Prime Minister Theresa May, analysts say, as her Conservative administration battles to secure a Brexit trade deal with Brussels. Unilevers decision comes after a swathe of big-hitting financial institutions, including British bank HSBC, Swiss peer UBS and US giants JPMorgan and Morgan Stanley, have already confirmed plans to move some London activities to Paris and elsewhere. Many large international companies insist however that they will retain their London presence as a platform for post-Brexit growth in Europe. Unilever was founded in 1930 after the Dutch margarine producer Margarien Unie merged with British soapmaker Lever Brothers. Until now, it has maintained a dual-headed structure, with listings on the London, Amsterdam and New York stock exchanges.