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Business & Finance

Unilever completes Unification under Single Parent Company

  • The company said that before the cross-border merger was implemented, the Unilever group was owned through these two separately listed companies.
30 Nov 2020

Consumer goods giant, Unilever on Monday announced that it has completed the merger of its dual-headed legal structure under a single parent company, Unilever Plc.

“The transaction was implemented through a cross-border merger between Unilever PLC and Unilever NV by means of which Unilever NV merge into in Universal PLC and cease to exist, with Unilever PLC becoming a single parent company of the Unilever group,” Unilever announced in statement on Monday.

The company said that before the cross-border merger was implemented, the Unilever group was owned through these two separately listed companies. Unilever PLC and Unilever NV, since its formation in 1930. During this time, Unilever NV and Unilever PLC, together with their group companies, operated as nearly as practicable as a single economic entity

Through the cross border merger, Unilever PLC acquired all of the assets, liabilities and legal relationship of Unilever NV by universal succession of title and Unilever NV was resolved without going into liquidation and cease to exist. Unilever NV shareholders received one Unilever PLC share in exchange for each Unilever NV share they held. “There will be no new controlling shareholder of Unilever PLC or the Unilever group as a result of the cross-border merger and no ultimate beneficial shareholder would be able to control the Unilever group,” read the statement.

Conopco Inc, holds approximately 76.5pc of Unilever Pakistan Foods Limited issued shares. Immediately before the cross-border merger was implemented these shares in Unilever Pakistan Foods Limited were indirectly held by both Unilever PLC and Unilever NV. Upon implementation of the cross-border merger, Unilever PLC acquired Unilever NV’s indirect holdings in Unilever Pakistan Foods Limited. Therefore Unilever PLC now owns indirectly approximately 76.5pc of Unilever Pakistan Foods Limited