Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Top Story

Unilever chooses post-Brexit Dutch HQ over London


Dutch food and cosmetics giant Unilever was founded in 1930 and has grown into a massive conglomerate, employing some 173,000 people around the world/AFP

The HagueNetherlands, Mar 15 – Anglo-Dutch consumer giant Unilever on Thursday named The Netherlands over London to host its headquarters, dealing a blow to Britain’s efforts to keep post-Brexit investment in the country.

“Unilever intends to simplify from two legal entities, N.V. and PLC, into a single legal entity incorporated in the Netherlands,” Unilever said in a statement, issued in Rotterdam and London.

The company said the move would enable it to become “a simpler, more agile and more focused business”.

The announcement comes as competition heats up between cities hoping to lure business from London once Britain leaves the European Union in March 2019.

The terms of Britain’s exit from the bloc are still unclear, but many firms are planning for a possible move of their EU operations into the bloc.

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

It has maintained a dual-headed structure since then, with listings on the London, Amsterdam and New York stock exchanges.

But Unilever said the headquarters of its beauty and home care divisions would be located in London, while its food and refreshment division will remain in Rotterdam.

Unilever’s 7,300 employees in Britain and 3,100 in the Netherlands will not be affected by the changes, it said.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...