logo-loader

Unilever rallies after buy back offer for Dutch preference shares declared unconditional

Published: 10:59 26 Oct 2017 BST

Unilever
The owner of Marmite fended off a takeover bid from Kraft Heinz earlier this year

Unilever PLC's (LON:ULVR) shares rallied after announcing that its offer to buy back its preference shares in the Dutch business for about €450mln had been declared unconditional.

The consumer goods giant, which owns Marmite, Dove and Ben & Jerry’s ice cream, said about 99% of its issued and outstanding shares had been tendered. The remaining preference shares can be tendered until 2 November when the buyout will be settled.

READ: Unilever launches cash offer for preference shares in Unilever N.V to simplify capital structure

The move comes as part of its plans to simplify its capital structure.

Unilever had announced it agreed to buy back the bulk of the Dutch preference shares in August, after fending off an unsolicited US$143bn takeover bid from Kraft Heinz.

Shares rose 1.88% to 4,165p in morning trading.

Chesnara reports strong 2023 results with improved cash generation and...

Chesnara PLC (LSE:CSN) chief executive Steve Murray discusses the company's full-year results for 2023 with Proactive's Stephen Gunnion, describing them as strong and particularly highlighting £53 million in commercial cash generation and a dividend coverage of around 150%. The company has...

1 hour, 8 minutes ago