June 11, 2020 / 6:42 AM / a month ago

UPDATE 1-Unilever to merge dual legal structure under single Britain-based parent

(Adds details on restructuring, Netherlands business)

June 11 (Reuters) - Consumer goods giant Unilever said on Thursday it would merge its dual-headed legal structure under a single Britain-based parent company to give it more flexibility during mergers and acquisitions and reduce business complexity.

The move unwinds a structure in place since 1930 and comes nearly two years after Unilever scrapped plans to move the company headquarters to the Netherlands in the face of a shareholder revolt.

The formation of the Britain-based parent, Unilever Plc, will be achieved through a cross-border merger between Unilever Plc and Unilever NV, with shareholders of Unilever NV getting one share of Unilever Plc in exchange for each share held.

The Anglo-Dutch company currently operates under two separate legal identities - Unilever NV in the Netherlands and Unilever Plc in London - though both effectively work as a single economic entity.

The company said the merger will not impact its listing of Unilever NV on the Amsterdam Stock Exchange or of Unilever Plc on the London Stock Exchange, and that the company remained committed to the Netherlands.

The unification will result in no change to the operations, locations, activities or staffing levels in either the United Kingdom or the Netherlands.

Reporting by Siddharth Cavale in Bengaluru, Editing by Sherry Jacob-Phillips and Arun Koyyur

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