LONDON — Unilever on Oct. 5 said has reversed a decision to close its London headquarters. The company earlier this year had unveiled plans to simplify its dual-headed legal structure, including plans to make Rotterdam, The Netherlands, its only headquarters. But shareholder criticism of the initiative led Unilever to rethink its decision.
“We have had an extensive period of engagement with shareholders and have received widespread support for the principle behind simplification,” Unilever said. “However, we recognize that the proposal has not received support from a significant group of shareholders and therefore consider it appropriate to withdraw.”
Marijn Dekkers, chairman of Unilever, said the company’s board continues to believe that simplifying the dual-headed structure would, over time, provide opportunities to further accelerate value creation. Unilever’s board now will consider its next steps, he said.