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    ULVR   GB00B10RZP78

UNILEVER PLC

(ULVR)
  Report
Real-time Estimate Cboe Europe  -  09:53 2022-09-26 am EDT
4081.00 GBX   +1.35%
09:30aCapitulation ahead?
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09:05aETF PREVIEW : ETFs, Futures Slip Premarket After Chicago Fed National Activity Index
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08:47aUNILEVER PLC : RBC sticks Neutral
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Ben & Jerry's says Unilever froze directors' salaries

08/03/2022 | 12:56pm EDT

NEW YORK, Aug 3 (Reuters) - Ben & Jerry's independent board said parent company Unilever Plc, with which it is locked in a dispute over the sale of its Israeli business, had frozen its directors' salaries in July as a pressure tactic ahead of a mediation on the matter.

The Cherry Garcia ice cream maker surpassed $1 billion in sales last year for the first time, becoming one of 13 Unilever brands to achieve such a scale, the board also said.

Ben & Jerry's sued Unilever, which has owned the Burlington, Vermont-based company since 2000, on July 5 to try to stop the sale of its business in Israel to local licensee Avi Zinger.

Ben & Jerry's last year said it no longer wanted to sell its products in the occupied West Bank because it was "inconsistent" with its values, which prompted Unilever to make the sale. The deal with Zinger made the ice cream available to all consumers in Israel and the occupied West Bank.

"This decision for us to go to court is because of Unilever's sale without our input, which is a clear violation of the letter and the spirit of our original acquisition agreement with Unilever," board chairperson Anuradha Mittal said in an interview with Reuters. "If Unilever is willing to so blatantly violate the agreement that has governed the parties' conduct for over two decades, then we believe it won't stop with this issue."

"If left unaddressed, Unilever's actions will undermine our social mission and essential integrity of the brand, which threatens our reputation and ultimately our business as a whole," she added.

Unilever said in a statement that it reserved primary responsibility for financial and operational decisions under the terms of its acquisition agreement of Ben & Jerry's, and "therefore has the right to enter this agreement with Avi Zinger."

Ben & Jerry's and Unilever last month tried to reach an out-of-court deal on the spat but on Monday notified a federal court they had failed to do so.

A hearing on Ben & Jerry's request to block the sale is scheduled for Monday, Aug. 8.

Unilever has said in court papers that Mittal was aware of the deal with Zinger.

Ben & Jerry's responded in court filings that it did not see the full business transaction agreement with Zinger until it was filed in court, and only had four days' notice of the deal.

The battle has tested how far Unilever is willing to go to give its brands freedom to have social missions.

Unilever has more than 400 brands, including Dove soap, Hellmann's mayonnaise, Knorr soup and Vaseline skin lotion. (Reporting by Jessica DiNapoli in New York; Editing by Bradley Perrett and Marguerita Choy)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CHERRY AG 8.53% 5.47 Delayed Quote.-79.76%
UNILEVER PLC 1.19% 4119.5 Delayed Quote.2.05%
All news about UNILEVER PLC
09:30aCapitulation ahead?
MS
09:05aETF PREVIEW : ETFs, Futures Slip Premarket After Chicago Fed National Activity Index
MT
08:47aUNILEVER PLC : RBC sticks Neutral
MD
08:25aUNILEVER : CEO announces intention to retire end of next year
PU
07:12aUNILEVER PLC : JP Morgan reiterates its Sell rating
MD
06:19aNELSON PELTZ : M&A, Nelson Peltz, CEO to retire
RE
06:15aUNILEVER : Directorate Change - Form 6-K
PU
06:12aANALYST RECOMMENDATIONS : Anglo American, Aveva, BP pc, Costco, Fedex...
MS
05:40aLondon's FTSE 100 kept afloat by gains in consumer staples
RE
05:31aBerenberg Lifts Unilever to Buy from Hold, Boosts PT
MT
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Analyst Recommendations on UNILEVER PLC
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Financials
Sales 2022 58 539 M 56 917 M 56 917 M
Net income 2022 5 173 M 5 030 M 5 030 M
Net Debt 2022 22 813 M 22 181 M 22 181 M
P/E ratio 2022 21,8x
Yield 2022 3,76%
Capitalization 115 B 112 B 112 B
EV / Sales 2022 2,36x
EV / Sales 2023 2,27x
Nbr of Employees 148 012
Free-Float 95,2%
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Technical analysis trends UNILEVER PLC
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Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 20
Last Close Price 45,27 €
Average target price 48,16 €
Spread / Average Target 6,38%
EPS Revisions
Managers and Directors
Alan Jope Chief Executive Officer & Executive Director
Graeme David Pitkethly Chief Financial Officer & Executive Director
Nils Smedegaard Andersen Chairman
Richard Slater Chief Research & Development Officer
Nitin Paranjpe Chief Operating, Transformation & People Officer
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