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.