Unilever near completion of Bestfoods buyout
billion buyout of U.S. food company Bestfoods. Shareholders in both
companies voted Monday...
Consumer goods group Unilever PLC has almost completed its $21.3 billion buyout of U.S. food company Bestfoods. Shareholders in both companies voted Monday to approve the deal. Unilever is paying $73 a share for Bestfoods, in addition, it expects to take on $3.1 billion in Bestfoods debt. Unilever received conditional approval for the acquisition last week from the European Commission, executive arm of the European Union. Unilever shareholders approved the acquisition at separate meetings in London and Rotterdam, the Netherlands. Unilever said Bestfoods' shareholders also voted later Monday in favor of the buyout. Unilever recently bought Ben & Jerry's ice cream business and Slim-Fast Foods. However, it plans to scale back its work force and slash its number of brands to 400 from around 1,600. As part of its restructuring effort, it plans to reorganize into two global divisions, one for foods and the other for home and personal care products, such as shampoo, perfume and detergents.