Unilever Is 'Extremely Unlikely' To Be Included in FTSE -CFO
June 14 2018 - 5:05AM
Dow Jones News
By Saabira Chaudhuri
LONDON--Unilever PLC on Thursday dashed investor hopes that it
could maintain a primary listing in London following its move to
consolidate its dual headquarters in Rotterdam.
Unilever, which currently operates as two separately listed
companies--Unilever PLC and Unilever NV--said in March it would
unify its dual British-Dutch legal structure.
"It's very clear to us that it's extremely unlikely that the new
NV shares will be included in the FTSE UK series," said Unilever
Chief Financial Officer Graeme Pitkethly at an investor conference
in Paris on Thursday. "Consequently we think our weighting in the
pan European indices will be increased."
Separately, Mr. Pitkethly said sales growth in the first half of
the year would be below Unilever's full-year target of 3% to 5% due
to strikes in Brazil. However, he maintained sales guidance for the
year.
London shares of Unilever dropped 1.7% following his
remarks.
Mr. Pitkethly said Unilever will maintain a premium listing in
London. Despite the disappointment of not being able to list on
Britain's blue-chip index the FTSE 100, of which Unilever is one of
the largest components, he maintained that simplification is the
"right thing for the company."
Write to Saabira Chaudhuri at Saabira.Chaudhuri@wsj.com
(END) Dow Jones Newswires
June 14, 2018 04:50 ET (08:50 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Unilever NV (NYSE:UN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Unilever NV (NYSE:UN)
Historical Stock Chart
From Sep 2023 to Sep 2024