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Unilever completes unification of its group legal structure under a single parent company “Unilever PLC”

November 30, 2020 (MLN): Unilever, via notification to Exchange has updated that the company has completed the unification of its group legal structure under a single parent company, Unilever PLC, on 29 November 2020.

According to the notice issued by the company, the transaction was implemented through a cross-border merger between Unilever PLC and Unilever NV by means of which Unilever NV merged into Unilever PLC and ceased to exist, with Unilever PLC becoming the single parent company of the Unilever Group.

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 relationships of Unilever NV by universal succession of title and Unilever NV was dissolved without going into liquidation and ceased to exist. Unilever NV shareholders received one new 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.

Conopco Inc. holds approximately 76.5% of Unilever Pakistan Foods Limited's 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 holding in Unilever Pakistan Foods Limited.

Therefore, Unilever PLC now owns indirectly approximately 76.5% of Unilever Pakistan Foods Limited. Neither the direct holding of Conopco Inc. nor the aggregate indirect holding of the Unilever group in Unilever Pakistan Foods Limited has changed as a result of the cross-border merger.

Copyright Mettis Link News

 

Posted on: 2020-11-30T16:16:00+05:00

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