LONDON: Anglo-Dutch consumer giant Unilever on Friday axed its post-Brexit plan to move its main headquarters from London to Rotterdam amid shareholder unease.
The group, which makes famous brands like yeast extract Marmite, PG Tips tea, Persil washing powder and Magnum ice cream, said it was withdrawing a proposal that would have seen its corporate base move to the Netherlands.
“The Unilever board has today decided to withdraw its proposal to simplify Unilever’s dual-headed legal structure,” the company said in a statement.
The group had originally unveiled the planned switch in March in a symbolic decision that was largely interpreted by analysts as a blow to post-Brexit Britain.
A Unilever spokeswoman confirmed it would no longer seek to relocate away from the British capital.
“In developing the proposal, the board was guided by the opportunity to unlock value for our shareholders by creating a stronger, simpler and more competitive Unilever that is better positioned for long-term success,” the statement added.
“We have had an extensive period of engagement with shareholders and have received widespread support for the principle behind simplification.
“However, we recognize that the proposal has not received support from a significant group of shareholders and therefore consider it appropriate to withdraw.”
Unilever had in recent weeks faced mounting opposition from key shareholders, including Royal London, Columbia Threadneedle, Legal & General Investment Management, Aviva Investors, Lindsell Train, M&G Investments and Brewin Dolphin.
However, chairman Marijn Dekkers insisted on Friday that the board continued to believe simplifying Unilever’s structure remains in the firm’s best interests.
“Unilever has built a long track record of consistent and competitive performance,” Dekkers said.
“The board continues to believe that simplifying our dual-headed structure would, over time, provide opportunities to further accelerate value creation and serve the best long-term interests of Unilever.
“The board will now consider its next steps and will continue to engage with our shareholders.”
Unilever axes move from London to Rotterdam
Unilever axes move from London to Rotterdam
Existing world order would only disappear through a ‘major war,’ says Aboul Gheit
- Arab League secretary-general calls on member states to preserve it through ‘positive work’
- Aboul Gheit tells WGS that Arab League has so far been successful in maintaining its ‘cohesion and its role on the international stage’ despite tough challenges
DUBAI: The Arab League’s secretary-general warned Tuesday that despite significant developments in the international arena, these “do not change the existing international world order’s essence,” which would only disappear through “a major war.”
Ahmed Aboul Gheit stressed the need to preserve the League through positive action, given the external forces seeking to dismantle the Arab system and replace it with either a regional one entirely subject to international influence or one controlled by non-Arab regional powers.
“I would like to call on all AL’s member states to preserve the League, through the biggest form of positive work,” he told a crowded hall during his address at the World Government Summit in Dubai.
Aboul Gheit stated that the Arab League has so far been successful in maintaining its “cohesion and its role on the international stage,” despite the challenges it has faced since 2011.
Addressing a session moderated by Imad Eldin Adeeb, political analyst at Sky News Arabia, the AL’s secretary-general said, “I will return the League to the Arab states intact, unbroken, and which is in itself a great success,” noting that the League has continued to be active and represented on the world stage in various forums, despite multifaceted regional and international circumstances.
He emphasized that preserving the Arab League is a “strategic necessity for protecting Arab interests” and safeguarding independent Arab decision-making amid the rapidly changing international landscape.
On Gaza, he explained that the Arab League had exerted considerable efforts and fully exercised its role in relation to the actions and decisions of Arab states.
“If I were to convene a closed meeting with Arab leaders to offer advice regarding the remaining days of Trump’s presidency, I would advise action and engagement that preserves sovereignty and dignity. This means engaging where we can and postponing and maneuvering where we cannot accept,” said Aboul Gheit.
Speaking on the League’s role in ongoing conflicts in the Arab world, Adeeb asked: “Where is the Arab League’s role? I haven’t seen, for example, the League intervene and play a mediating role. I haven’t seen the League attempt to take a position related to inter-Arab conflicts. I haven’t seen the League try to stop the ongoing bloodshed in Arab conflicts.”
Aboul-Gheit replied that the League addresses all these “conflicts and wounds” through periodic meetings of foreign ministers or summits, issuing resolutions that are always agreed upon after the necessary deliberation.
The real problem, he said, lies in the will of the countries involved in the conflict.
“The Arab League is always constrained in this regard. In other words, any government in a country facing a crisis always rejects direct mediation and has its own perspective. Therefore, given the current circumstances, with foreign interventions, internal situations, and relations between Arab states, it is always preferable for us (the Arab League) to leave the lead to the United Nations — that is, for it to take the initiative while the League operates within that framework,” the secretary-general emphasized.
