September 28, 2018 / 2:19 PM / 3 months ago

Another big shareholder opposes Unilever's Dutch plan

LONDON, Sept 28 (Reuters) - Another top-10 Unilever 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 ($1.28 trillion) under management. ($1 = 0.7692 pounds) (Reporting by Martinne Geller; Editing by Adrian Croft)

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