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

UNILEVER PLC

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Shell CEO does not rule out moving headquarters to Britain

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07/04/2020 | 05:05am EDT
Royal Dutch Shell CEO van Beurden attends the St. Petersburg International Economic Forum

Royal Dutch Shell is not ruling out moving its headquarters from the Netherlands to Britain, the oil company's chief executive Ben van Beurden said in a Dutch newspaper interview published on Saturday.

Anglo-Dutch consumer products giant Unilever said last month it plans to ditch its dual Anglo-Dutch legal structure and create a single entity in Britain.

Van Beurden did not explicitly say Shell wants to move its headquarters, het Financieele Dagblad said.

"You always need to keep thinking," Shell's Van Beurden told the newspaper. "Nothing is permanent and of course we will look at the business climate. But moving your headquarters is not a trivial measure. You cannot think too lightly about that."

A Shell spokesman confirmed the CEO's comments to Reuters and said the company was looking at ways to simplify its dual structure, as it had been doing for many years.

Shell has a complex Anglo-Dutch holding structure with a tax residency and headquarters in the Netherlands and a registered office in Britain.

Unilever's decision to move followed the scrapping in 2018 of a plan by Dutch Prime Minister Mark Rutte to do away with a 15% dividend withholding tax.

Shell's corporate structure features the parent company headquarters in The Hague but two share classes and other arrangements to prevent the Dutch government from levying withholding tax on dividends paid to shareholders of its former British arm.

The arrangement has come under renewed scrutiny after the Dutch government tried to scrap the dividend tax as an incentive to convince Unilever to unify its dual structure in Rotterdam.

Rutte abandoned the plan after a popular outcry over the tax cut, which was seen as a gift to rich foreigners.

Shell has consistently lobbied against the dividend tax, which it says makes financing dividends, share buy-backs and acquisitions more difficult.

(Reporting by Anthony Deutsch; Editing by Alexander Smith)

Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.09% 45.05 Delayed Quote.-32.36%
ROYAL DUTCH SHELL PLC 2.22% 13.278 Delayed Quote.-49.25%
UNILEVER N.V. 0.37% 49.46 Delayed Quote.-3.46%
UNILEVER PLC -0.42% 4520 Delayed Quote.3.90%
WTI 0.17% 42.085 Delayed Quote.-31.45%
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Financials
Sales 2020 50 788 M 59 630 M 59 630 M
Net income 2020 5 950 M 6 985 M 6 985 M
Net Debt 2020 22 737 M 26 695 M 26 695 M
P/E ratio 2020 22,5x
Yield 2020 3,31%
Capitalization 130 B 153 B 153 B
EV / Sales 2020 3,01x
EV / Sales 2021 2,90x
Nbr of Employees 149 867
Free-Float 55,7%
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Number of Analysts 24
Average target price 53,00 €
Last Close Price 49,46 €
Spread / Highest target 27,4%
Spread / Average Target 7,17%
Spread / Lowest Target -19,1%
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NameTitle
Alan Jope Chief Executive Officer & Executive Director
Nils Smedegaard Andersen Chairman
Nitin Paranjpe Chief Operating Officer
Graeme David Pitkethly Chief Financial Officer & Executive Director
Richard Slater Chief Research & Development Officer
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