London, November 3: Unilever’s cross-border merger between its Dutch and British corporate entities has been approved by the United Kingdom’s High Court, the company said on Monday, marking the effective point of no return for the group’s plan to become a single London-based entity, Reuters reported.
The transaction is due to complete on November 29.
Unilever NV’s Amsterdam-listed shares will cease trading after Friday Nov. 27 and shares in the new combined public company will begin trading in London on Monday November 30.
The consumer goods giant is pressing ahead with the plan despite a proposal from a Dutch opposition party that could saddle the company with an 11 billion euro ($12.79 billion)retroactive “exit tax” if passed into law.
Unilever and the Netherlands’ Council of State, which advises parliament on the legality of bills, have said the proposed tax would be illegal.