LONDON (Reuters) – Another top-10 Unilever <ULVR.L> <UNc.AS> shareholder declared its opposition to the company’s plan to redomicile as a single entity in the Netherlands, becoming the fifth big investor to publicly criticise the board’s plan.
Legal & General Investment Management, one of Europe’s largest asset managers, on Friday said it intended to vote against Unilever’s proposed move.
“We understand Unilever has explored a number of alternatives in reaching its final decision. However, we do not believe Unilever has made a compelling case for many PLC shareholders to support the recommendation in favour of Dutch incorporation,” Sacha Sadan, director of corporate governance at LGIM, said in a statement.
LGIM is the sixth-biggest shareholder in Unilever PLC, with a 1.98 percent stake, according to Reuters data. The group has total assets of 984.8 billion pounds under management.
(Reporting by Martinne Geller; Editing by Adrian Croft)