Two major shareholders of Unilever want the food and care group to intervene rigorously within the organization. One of the critics, asset manager Flossbach von Storch, argues in favor of splitting up the British group. Another shareholder complains in the Financial Times that chairman Nils Andersen should be replaced. According to the business newspaper, these are two of the company’s 20 largest shareholders.
Flossbach von Storch founder Bert Flossbach wants the food division with brands such as Knorr, Conimex and Hellman’s to continue as a company separate from cleaning and beauty brands such as Cif and Dove. “Unilever should seriously consider splitting the company,” he told the Financial Times. “Synergy is often a purely theoretical argument and intended to keep everything the same, while its benefits are smaller than those of a split.”
Flossbach previously argued for a split-off of the truck division of the German car manufacturer Daimler. The company behind Mercedes-Benz floated this business unit on the stock exchange at the end of last year.
Another unnamed shareholder of Unilever argues in the Financial Times for shifts within the board. This mainly concerns a new chairman, who has a largely supervisory task within the board. According to this shareholder, the current chairman Andersen did not intervene strongly enough when CEO Alan Jope made an offer of 60 billion euros for the consumer branch of pharmaceutical company GlaxoSmithKline (GSK). According to many investors, this proposal rejected by GSK was reckless and Unilever lost heavily on the stock market shortly after the announcement.
Unilever, which until a few years ago was still Dutch and British, announced a reorganization last month in which approximately 1,500 management jobs will disappear. From now on, the group will also work with five different business units. For example, there is a clearly delineated ice cream branch and a branch specifically concerned with beauty and well-being. It was also recently announced that American activist investor Nelson Peltz has bought into Unilever, but it is not yet known what his demands are.
Business newspaper: shareholders want major interventions within Unilever
Source link Business newspaper: shareholders want major interventions within Unilever