Unilever in EUR5billion shares buy-back
Unilever Plc and Unilever N.V. have revealed that they will engage in shares buy-back programme worth EUR5billion.
The shares buy-back programme is expected to take place within the limits of the authority granted to the boards of each of the companies.
It was further leant that the purpose of the buy-back programme is to reduce the capital of both multinational operations whose businesses and brands spread across the globe.
The firms informed that the shares buy-back programme will be done in both Unilever Plc and Unilever N.V. ordinary shares.
Under the terms of the programme, between EUR1.5 billion and EUR2.5 billion will be bought back on the London Stock Exchange in the form of Unilever Plc ordinary shares, and the balance of the aggregate €5 billion will be bought back on Euronext in Amsterdam in the form of Unilever N.V. ordinary shares (or depositary receipts in respect of such ordinary shares).
The maximum number of shares to be bought back by Unilever Plc is 128,345,000 and the maximum number of shares (or depositary receipts thereof) expected from the buy-back by Unilever N.V. is 223,024,384.
Unilever Nigeria Plc, formerly Lever Brothers (West Africa) Limited, is a subsidiary of Unilever Plc and was incorporated as on 11th April, 1923 by Lord Leverhulme.
Unilever Nigeria Plc started as a soap manufacturing company, and is today one of the oldest surviving manufacturing firms in Nigeria.
Quoted on the Nigerian Stock Exchange, its various products manufactured and marketed in the country cut across consumer products – primarily in the home, personal care and foods categories. These include Omo washing powder, Key soap, Royco bouillon, Lipton Tea, Blue Band margarine, Pears baby care goods, Vaseline petroleum jelly, Lux Soap and Close Up toothpaste. Most of these products are market leaders in their different product categories.
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