UK markets close in 5 hours 44 minutes
  • FTSE 100

    6,410.27
    -21.90 (-0.34%)
     
  • FTSE 250

    19,597.21
    -192.35 (-0.97%)
     
  • AIM

    1,031.06
    -0.70 (-0.07%)
     
  • GBP/EUR

    1.1203
    -0.0027 (-0.24%)
     
  • GBP/USD

    1.3326
    -0.0033 (-0.25%)
     
  • BTC-GBP

    14,445.55
    +336.33 (+2.38%)
     
  • CMC Crypto 200

    382.12
    +12.37 (+3.35%)
     
  • S&P 500

    3,635.41
    +57.82 (+1.62%)
     
  • DOW

    30,046.24
    +454.97 (+1.54%)
     
  • CRUDE OIL

    45.46
    +0.55 (+1.22%)
     
  • GOLD FUTURES

    1,808.00
    +3.40 (+0.19%)
     
  • NIKKEI 225

    26,296.86
    +131.27 (+0.50%)
     
  • HANG SENG

    26,669.75
    +81.55 (+0.31%)
     
  • DAX

    13,266.64
    -25.80 (-0.19%)
     
  • CAC 40

    5,560.99
    +2.57 (+0.05%)
     

Unilever says UK court has approved unification plan

·1-min read
FILE PHOTO: The logo of Unilever is seen at the headquarters in Rotterdam
FILE PHOTO: The logo of Unilever is seen at the headquarters in Rotterdam

LONDON (Reuters) - Unilever's <ULVR.L> <UNA.AS> cross-border merger between its Dutch and British corporate entities has been approved by the United Kingdom's High Court, the company said on Monday, marking the effective point of no return for the group's plan to become a single London-based entity.

The transaction is due to complete on Nov. 29.

Unilever NV's Amsterdam-listed shares will cease trading after Friday Nov. 27 and shares in the new combined public company will begin trading in London on Monday Nov. 30.

The consumer goods giant is pressing ahead with the plan despite a proposal from a Dutch opposition party that could saddle the company with an 11 billion euro (9.9 billion pounds)retroactive "exit tax" if passed into law.

Unilever and the Netherlands' Council of State, which advises parliament on the legality of bills, have said the proposed tax would be illegal.

(Reporting by Martinne Geller; Editing by David Goodman)