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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Unilever    ULVR   GB00B10RZP78

UNILEVER

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FTSE confirms new Unilever not eligible for UK blue chip index

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09/12/2018 | 06:55am EST
FILE PHOTO: The Unilever building is seen in London

LONDON (Reuters) - Consumer goods giant Unilever will not be included in Britain's blue-chip FTSE 100 index once it ends its dual-headed structure, index compiler FTSE Russell said.

The exclusion risks angering some UK shareholders whose approval is needed to complete the restructuring, which is aimed at making Unilever more agile, particularly when it comes to mergers and acquisitions.

The confirmation came in a notice posted on the exchange's website https://bit.ly/2O9xGcr and confirms previous guidance from Unilever that it was "very unlikely" to be eligible after becoming a single corporate entity incorporated and headquartered in the Netherlands.

The notice came hours after the maker of Dove soap and Lipton tea published a prospectus regarding its move that included a timeline for the December listing of its new Dutch entity.

FTSE Russell will select the company to replace Unilever PLC in the FTSE based on closing prices on Dec. 19, two days before the current UK and NV entities stop trading. Unilever has been one of the members of the FTSE 100 since its launch in 1984.

Unilever said in June that it planned to maintain a "premium listing" in London and hoped that investors who were impacted by its departure from the index would still be able to hold its shares.

Some funds do not invest in shares that are not part of the index of leading stocks.

"We continue to agree that restructuring Unilever makes sense, but are still of the view that Unilever's approach discriminates against UK shareholders," Columbia Threadneedle Investments, a top-10 Unilever shareholder, according to Thomson Reuters data, said in a statement.

Shareholders will vote on the move next month. Approval is needed from 75 percent of UK shareholders and 50 percent of Dutch shareholders.

Unilever shares were down less than 1 percent at 0932 GMT on Wednesday.

(Additional reporting by Nivedita Balu in Bengaluru and Simon Jessop in London; Editing by Mark Heinrich and Keith Weir)

By Martinne Geller and Simon Jessop

Stocks mentioned in the article
ChangeLast1st jan.
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
UNILEVER 0.19% 4257 Delayed Quote.3.61%
UNILEVER (NL) 0.47% 49.165 Delayed Quote.3.68%
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Financials (€)
Sales 2019 52 020 M
EBIT 2019 9 909 M
Net income 2019 5 990 M
Debt 2019 22 388 M
Yield 2019 3,43%
P/E ratio 2019 21,34
P/E ratio 2020 18,32
EV / Sales 2019 3,13x
EV / Sales 2020 3,02x
Capitalization 141 B
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 50,3 €
Spread / Average Target 3,7%
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Managers
NameTitle
Alan Jope Chief Executive Officer
Marijn E. Dekkers Chairman
Graeme David Pitkethly Chief Financial Officer & Executive Director
David Blanchard Chief Research & Development Officer
May Lung Cha Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
UNILEVER3.61%158 347
PROCTER & GAMBLE COMPANY7.14%246 356
UNILEVER (NL)3.19%158 347
UNILEVER NV (ADR)2.51%158 334
COLGATE-PALMOLIVE COMPANY11.69%57 659
ESTÉE LAUDER COMPANIES (THE)19.15%55 984