The United Kingdom’s High Court has approved Unilever’s cross-border merger between its Dutch and British corporate entities, the company said on Monday, marking the significant point of no return for the group’s plan to become a single London-based entity.
The transaction is due to complete on Nov. 29.
Unilever NV’s Amsterdam-listed shares will cease trading after Friday, Nov. 27, and shares in the new combined public company will begin trading in London on Monday, Nov. 30.
The consumer goods giant is pressing ahead with the plan despite a proposal from a Dutch opposition party that could saddle the company with an 11 billion euro (9.9 billion pounds)retroactive “exit tax” if passed into law.
Unilever and the Netherlands’ Council of State, which advises parliament on the legality of bills, has said the proposed tax would be illegal.