Unilever reorganises South Africa, Israel operations |
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Sun, 14 Oct 2007 20:53
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AMSTERDAM (Thomson Financial) - Unilever NV said that it has reorganised its operations in South Africa and Israel in line with its previously announced 'One Unilever' programme.Under the terms of the reorganisation, Unilever and Remgro have agreed a 'fair value swap' of assets in South Africa and Israel.Unilever spokesman Tanno Massar explained that when Unilever bought the firm BestFoods in 2000, it inherited Remgro as a 41 pct stakeholder in Foods South Africa and a 41 pct stakeholder in Foods Israel.Unilever has now merged its Foods and Home and Personal Care (HPC) operations in South Africa and Israel respectively into South Africa (One Unilever) and Israel (One Unilever), with Unilever now holding a 74.25 pct share and Remgro a 25.75 in the unified South Africa business.The reorganisation took effect in October.'The programme was to simplify our structure and (the reorganisation in South Africa and Israel) will have no cash impact,' Massar said, adding that Unilever had no wish to buy out Remgro's stake.tf.TFN-Europe_newsdesk@thomson.comcmm/rfwCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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