Unilever greenlights Bestfoods acquisition

At separate meetings in London and Rotterdam, Unilever shareholders voted in favor of the acquisition of Bestfoods. Following the merger's recent EU approval, the closing remains subject to certain conditions set out in the merger agreement, including receipt of approval of Bestfoods shareholders.

Chairmen Niall FitzGerald and Antony Burgmans told the respective Unilever PLC and NV shareholders meetings in the company's London and Rotterdam head office that the acquisition represented an outstanding strategic fit, strengthening Unilever's Foods business and enhancing its Path to Growth strategy.

"The acquisition of Bestfoods will enable us to create the world's best foods company, delivering strong top-line growth and enhancing operating margins by realizing the potential for significant synergy," the chairmen said. "Our combined knowledge of consumers, our focused expertise behind leading brands, the strength of our technology base and our track record of increasing operational efficiency will all contribute to sustainable value creation."

Following the vote, seven senior Bestfoods executives were named by Unilever among the top positions for the newly created Foods Division. The Bestfoods appointments, effective January 1, 2001, comprise Anthony Simon, who becomes president, marketing; Diego Bevilacqua as president, foodservice; Neil Beckerman as president, foods North America; Oscar Imbellone as executive VP, foods Latin America; Richard Oppenheim who becomes executive VP, foods Europe; and Jim Liberty as senior VP, human resources. Merrill Eastman remains president, Bestfoods Baking Co.

Unilever reported that Dick Shoemate, chairman and CEO of Bestfoods, had elected not to continue a full-time executive role, but will be appointed an advisory director of Unilever. Roy Brown, a director of Unilever, will relinquish on medical advice his role as president, foods and beverages Europe as of January 1, 2001.

Edited by Scott Hegenbart

Click here for articles referencing Unilever and/or Bestfoods