OK, the reality of it was this:
- 90 year old dual listing wasn't fit for purpose as it made the company slow to react given two sets of inconsistent governance rules (NL and UK);
- NL Government tried every trick in the book to "encourage" (tax bribes etc.) Unilever to delist in London and consolidate in NL;
- UK based institutional shareholders, who collectively control the company, said FOAD.....so a cunning plan to consolidate in London emerged;
- Vote was put to investors in the NL entity, and 99.4% voted to move to a sole London listing;
- Red faces all around the NL Government, and opposition parties are tabling a retrospective "exit tax" to prevent or punish the move;
- Sole UK HQ will have little practical imact on day-to-day operations, but will improve UK corporate tax take and company profitability (UK has lower corporate tax than NL).
The major impact is the timing and symbolism of Europe's 12th largest manufacturer electing to HQ in London rather than in NL. It also reinforces how money (in this case, the interests of UK based instituional investors (i.e. pension funds)) trumps politics in the corporate world.