Unilever to Sell Its Spreads Business and Restructure -<br />By CHAD BRAYAPRIL 6, 2017<br />LONDON — Under pressure after spurning a blockbuster $143 billion takeover offer, Unilever said on Thursday<br />that it would explore the sale of its spreads business, restructure two major divisions and buy back $5.3 billion in stock as it seeks to cut costs and appease investors.<br />The moves, which include overhauling its food and beverage operations, are meant to reassure investors who had seen the possibility of more grocery store shelf space<br />and cost savings from the takeover bid in February by a fellow food giant, Kraft Heinz.<br />Mr. Polman said that combining the two segments would lead to a leaner business “that will continue to benefit from our global scale and footprint.”<br />The spreads business, which includes the margarine brands Country Crock, Flora<br />and I Can’t Believe It’s Not Butter, was merged two years ago with a baking and cooking segment in Unilever’s foods division.<br />The company also said it would seek to buy back 5 billion euros, or about $5.3 billion, in stock.<br />The company said that it had achieved modest growth in sales of its spreads in emerging markets last year, but<br />that it was not enough to offset continued declines in developed markets, and it would seek to sell or separate the business.
